Oak Grove Ventures Launches $60 Million Fund with a Focus on Web3 and AI
Date: 2023-09-19 Author: Dima Zakharov Categories: IN WORLD
A New Venture Fund for Web3 and AI Ventures
Oak Grove Ventures, co-founded by Alchemy Pay's Sean Shi, has launched a $60 million fund aimed at early-stage startups with a focus on Web3, AI, and biotechnology, as reported by The Block.
Oak Grove Ventures, co-founded by Alchemy Pay's Sean Shi, has launched a $60 million fund aimed at early-stage startups with a focus on Web3, AI, and biotechnology, as reported by The Block.
The fund has brought on board prominent partners, including former Vice President of Sino Global Capital (now Ryze Labs), Sally Wang, and former partner at Lightspeed Venture Partners, Zak Peng.
In addition to the mentioned partners, the fund's team includes former technical head of Libra (now Diem) Ethan Wang, co-founder and CTO of Harmony, Rongjian Lan, and former Vice President of Coinbase, Michael Li.
The fund's leaders have expressed optimism regarding the timing of their investments.
"A bear market often means that asset prices have hit a low point, which presents an optimal opportunity to buy," they explained.
Oak Grove Ventures' Track Record
Before launching this venture fund, Oak Grove Ventures operated as a family office and invested in more than 10 firms, including SpaceX, Open Sea, and ConsenSys.
Growing Interest in Web3 and AI Investments
This move by Oak Grove Ventures reflects the growing interest in Web3 and AI investments in the tech industry. In a similar development, San Francisco-based venture firm Blockchain Capital recently raised $580 million for two new investment funds.
Additionally, in September, Kasikorn Bank (KBank), the second-largest bank in Thailand by assets, established a $100 million entity through its subsidiary, Kasikorn Business Technology Group. This entity is set to invest in startups with a focus on AI and Web3 technologies.
As a reminder, the cryptocurrency industry witnessed a 39.8% increase in funding raised by crypto firms in August compared to July.
