Venture firm NFX said Tuesday that it has assembled a new $450 million fund aimed at expanding its efforts at investing in pre-seed and seed-stage companies, including those in the crypto space.
In a press statement, NFX said that the fresh funds would support a greater footprint in the crypto space. "Fund III is projected to support an additional 70 companies whose founders specialize in fintech, marketplaces, gaming, and proptech sectors, and increases investment in tech-bio and crypto."
Back in September 2020, the firm hired Morgan Beller, co-creator of the Facebook-led stablecoin project Libra (now Diem), as a general partner.
“You can't have crypto without network effects. Understanding network effects - and the ability to bake in certain principles from the pre-seed/seed stage - gives crypto founders a real advantage. No one is better at understanding that than the NFX team,” Beller said Tuesday.
Some of the crypto-centric funding rounds in which NFX has taken part include Ramp, which raised $9 million in June. The fund is now said to be raising additional funds at a $300 million valuation, per The Block's Ryan Weeks.