Fabric Ventures looks to close two web3 funds worth $245 million

Quick Take

  • Fabric Ventures is in the process of closing two new “open economy”-focused funds. 
  • The firm, which has previously backed the likes of Ledger, NEAR, and Axie Infinity parent company Sky Mavis, is aiming to raise a total of €225 million.

Fabric Ventures is in the final stages of completing an early-stage web3 fund and on track to close another focused on later-stage investments.

The pair will be worth more than €225 million ($245 million) combined, Richard Muirhead, managing partner at the London-based venture capital firm, told The Block.

The first of the two — a fund focusing on early-stage companies — was described by Muirhead  as "significantly oversubscribed" and has extended its hard cap to close at €125 million in order to introduce additional investors. Fabric is also in the process of raising a second fund, focused on investments in companies at Series B stage and onwards, which is set to be capped at €100 million. 

Fabric X, their ideation stage program, is already launching in multiple markets across Europe. Fabric has b