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Blockchain Founders Fund (BFF), a Singapore-based venture capital fund in the blockchain and Web3 space, has announced the final close of its Fund II, it announced in a statement on Monday.
The US$75 million fund, which aims to support high-growth potential pre-seed and seed-stage Web3 and blockchain startups, saw participation from key investors, family offices, and institutions in the industry, including Ripple, Polygon, NEO Global Capital, Appworks, Sebastien Borget COO of The Sandbox, GSR, LD Capital, and Metavest Capital, among others.
According to BFF, the firm's focus is to support early-stage startups that redefine and streamline the mass adoption of Web3 and blockchain technology. The principal close of BFF Fund II was announced early last year.
Building in Winter
While the crypto industry is still in the throes of a long-drawn "winter," 2022 was still a record year for crypto venture capital, with the industry witnessing the highest yearly venture funding at US$30.9 billion, according to data from The Block.
Related: Will Crypto VCs Pivot Away From "Go Big, Go Fast" Mode in 2023?
And according to audit firm KPMG, global fintech investments hit US$164.1 billion across 6,006 deals last year, down from a record US$238.9 billion from 7,321 deals in 2021, with the top three investment areas being payments, followed by blockchain and crypto, and regtech.
Amid the bear market, BFF has remained one of the most active Web3 investors, making 50 investments in the past 12 months. Its portfolio currently includes over 100 startups, including Altered State Machine, Splinterlands, GRID, Krayon, and Magna.
BFF said it works closely with portfolio founders through its venture program, providing execution-focused support across business functions, including marketing, growth hacking, tokenomics, fundraising, and more, to accelerate and drive success.
"Our firm has diligently accumulated a comprehensive set of resources and tools over the course of four years to provide the best possible environment for companies to succeed," Tobias Bauer, BFF partner, said in the announcement.
Launched in 2018, BFF said it is "eager to expand its footprint globally, further solidifying its commitment to shaping the future of Web3 and blockchain technologies."
Related: Singapore Blockchain, Crypto Investments Climb in 2022
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