The first round of fundraising by the Delta Blockchain Fund, founded by ex-Consensys Ventures head Kavita Gupta, is oversubscribed at more than $30 million and could raise a total of $100 million eventually, as per a report by CoinDesk.
The Delta Blockchain Fund is targeting a fund size between $50 million and $100 million.
Ms. Gupta founded the fund six weeks ago.
The Delta Blockchain Fund is oversubscribed during the first round, at more than $30 million, and it has drawn investments from Quantstamp, Polygon, Viraj Mehta from Rosy Blue, Klaus Hommels from Lakestar, and others.
It will invest in early-stage projects focused on Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Scalability, and Multi-Chain Interoperability.
Also, it will be support projects in the Storage and Computation space from both a hardware and software perspective; according to Ms. Gupta, it is vital to support institutional adoption.
The new fund will empower projects and developers “building products to scale and support a decentralized world irrespective of their chain solution. We truly believe that the future will be on multi-chain, and we want to support various Cross-bridging, Scalable, Multi-Chain Solutions and DApps on them”, she further explained to CoinDesk.
Gupta also has Daniel Novy, another ex-Consensys Ventures employee, to support her as a teammate at the Delta Blockchain Fund.
Boosting Female Participation
Ms. Gupta opines that female participation is quite low in the Blockchain, Crypto, and Venture Capital space; they need more female leaders.
“I didn’t see women of color running their own funds when I started in this space, which has changed a lot but not yet that much in the blockchain industry, and it is time for that,” Ms. Gupta told CoinDesk.
Current Investments by the Fund
As of now, the fund has invested in several projects including
Nahmii, a layer 2 scaling solution for the Ethereum;
Swap Kiwi, a platform to swap NFTs;
Metaverse AI, a project that builds the Open Metaverse and DApps through full-stack infrastructure;
Fodl, a platform that enables traders to use leverage without paying a funding rate;
Taker, the first protocol to provide liquidity to the NFT market through a DAO;
and Chainmonsters, a Massively Multiplayer Online Role-Playing Game.
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