Alchemy Pay co-founder launches $60 million VC fund with former Lightspeed, Harmony execs as partners

Quick Take

  • Oak Grove Ventures has launched with $60 million in capital.
  • The fund, founded by Alchemy Pay’s Shawn Shi, will invest in early-stage web3, AI and biotechnology startups.

Oak Grove Ventures, a new venture capital fund, has been launched to invest in early-stage web3, artificial intelligence (AI) and biotechnology startups.

Oak Grove has $60 million in capital and is founded by Shawn Shi, co-founder of crypto payment solutions provider Alchemy Pay. The fund's other members include Sally Wang, former vice president of Sino Global Capital (now Ryze Labs), and Zac Pan, former associate partner at Lightspeed Venture Partners — who have both joined Oak Grove as investment partners — Wang told The Block.

The fund's technical partners are Ethan Wang, former tech lead of Libra (which later became Diem before being scrapped), and Rongjian Lan, former co-founder and CTO of Harmony, and its technical advisor is Michael Li, former vice president of Coinbase, Wang said.

Investing in a bear market

Oak Grove has been in the crypto investing business since 2019, having previously invested in funds. Wang said Oak has invested over $15 million in different crypto venture funds to date, including Nomad Capital, Draper Dragon and IOSG Ventures. On launching the new venture fund in the current bearish market, Wang said it presents a "unique opportunity for discerning investors."

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