Dapper Labs’ Flow, a web3 platform enabling games, apps and digital assets, has launched a new C$725 million Ecosystem Fund. The fund will provide developers with support in building applications on the Flow blockchain through investments, token grants and in-kind support. Vancouver-based Dapper Labs, a blockchain technology company, last September closed a $250 million financing led by Coatue Management.
VANCOUVER, BC, May 10, 2022 /PRNewswire/ – Flow, the Web3 platform powering next-generation games, apps and digital assets including NBA Top Shot and NFL All Day, today announced a new $725 million Ecosystem Fund designed to hypercharge innovation and growth across the Flow community.
The largest joint commitment made towards any blockchain ecosystem, the Ecosystem Fund participants will provide existing and future developers with support in building applications on the Flow blockchain through investments, FLOW token grants and in-kind support.
Participants include industry-leading firms that have backed several of the most successful Web3 companies, such as a16z, AppWorks, Cadenza Ventures, Coatue, Coinfund, Digital Currency Group (DCG), Dispersion Capital, Fabric Ventures, Greenfield One, HashKey, L1 Digital, Mirana Ventures, OP Crypto, SkyVision Capital, Spartan Group, Union Square Ventures, and Dapper Ventures.
“We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this Fund,” said Roham Gharegozlou, CEO of Dapper Labs. “With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer for the 7500+ strong and fast-growing developer community in the Flow ecosystem.”
With a focus on enabling more distributed and equitable Web3 opportunities to developers around the globe, participants will focus on providing support for gaming, infrastructure, decentralized finance, content and creators. The resources are expected to be used by developers for product development, product scaling, team expansion, user acquisition and general operating expenses.
“The Ecosystem Fund is an opportunity to power the next generation of developers across the global Flow community,” said Dan Rose, Chairman of Coatue Ventures. “Coatue has already backed multiple companies building in the Flow ecosystem including Dapper Labs, Crypthulu and Faze Technologies, and we are excited to play an active role in enabling more Web3 opportunities.”
In addition to financial support, the developers in the Flow ecosystem will be able to leverage expertise via informational events, office hours, accelerators & incubators, subsidized office space and similar initiatives. For example, investors will provide Flow teams office space in cities such as Berlin (Greenfield One) and Asia (for AppWorks Accelerator program), and Liberty City Ventures will be providing two scholarships for college students to work on Flow-related projects. As a Venture Partner for Bybit and BitDAO, Mirana Ventures will also help catalyze strategic collaboration opportunities for Flow projects.
“As web3 accelerates and sophisticated app developers search for the best platforms, Flow is perhaps the best decentralized blockchain built for the scale, security, and ease of use most modern startups need to succeed.” said David Pakman, Managing Partner at CoinFund. “The Flow Ecosystem Fund will be a huge accelerator of innovation and growth on the platform and we at CoinFund are excited to work with this talented community to help drive innovation and growth.”
Originally developed by Dapper Labs to create more efficient, secure and scalable proof-of-stake blockchain experiences, Flow is an open-source, developer-friendly and energy efficient blockchain built for consumer applications. With global partners including the NBA, NFL, UFC and Dr. Seuss; unicorn developers such as Animoca and PlayCo; and emerging projects such as Genies, Fancraze and Cryptoys, Flow has seen daily transactions triple since September 2021 as it has grown into the leading blockchain for non–fungible token (NFT) sales by number of NFT transactions.
To learn more about Flow and the Flow Ecosystem Fund, please visit www.flow.com/ecosystemsupport.
Flow is the blockchain designed to be the foundation of Web3 and the open metaverse, supporting consumer-scale decentralized applications, NFTs, DeFi, DAOs, and more. Powered by Cadence, an original programming language built specifically for digital assets, Flow empowers developers to innovate and push the limits that will bring the next billion to Web3. Created by a team that has consistently delivered industry-leading consumer-scale Web3 experiences including CryptoKitties, Dapper, and NBA Top Shot, Flow is an open, decentralized platform with a thriving ecosystem of creators from top brands, development studios, venture-backed startups, crypto leaders, and more. For more information, visit www.flow.com.