Texas Teachers backs CoinFund’s $300m fund for Web3

Ventures I's limited partners include Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners and Theta Capital Management.

CoinFund, a crypto-focused investment firm, has launched a new $300 million early-stage venture fund focused on Web3.

CoinFund Ventures I’s limited partners include the Teacher Retirement System of Texas, Adams Street Partners, StepStone Group, Accolade Partners and Theta Capital Management.

Ventures I will be led by David Pakman, managing partner and head of venture investing, who joined CoinFund last October. Pakman was previously a partner at Venrock for nearly 13 years, and he continues to be a part-time adviser to the firm, according to his LinkedIn profile.

“In my 30 years in tech, I have never seen a bigger opportunity than crypto and Web3,” Pakman said in a statement. “Web3 entrepreneurs clearly appreciate cryptonative investing teams as helpful allies, and we look forward to working with ambitious and driven entrepreneurs to build a permissionless, decentralized and community-owned internet, rewire the global financial system, and unlock enormous value for intellectual property.”

Founded in 2015, CoinFund is headquartered in New York and Miami.

Pakman told crypto publication CoinDesk that the new fund will invest in “layer 1 blockchains, Web3 infrastructure, non-fungible tokens (NFT), gaming and asset management.” Previously, CoinFund was focused on bitcoin and seed-stage investments in decentralized finance, Coindesk reported.