CoinSwitch Ventures’ Web3 Discovery Fund has played a crucial role in securing approximately $25 million in additional funding for a total of 12 innovative web3 and blockchain start-ups. This remarkable achievement has been made possible by expanding the fund’s VC investor network from a mere six participants to an impressive count of over 70.
While the majority of the funding has been facilitated through the extensive VC network, CoinSwitch Ventures has also made partial investments directly in these start-ups. Among the 12 successful beneficiaries are PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. These pioneering ventures are specifically focused on leveraging blockchain infrastructure, blockchain analytics, and the tokenization of real-world assets to drive their groundbreaking initiatives forward.
Acts as catalyst
The Web3 Discovery fund has played a pivotal role in connecting more than 100 start-ups with renowned global investors such as Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital, according to the venture fund. The fund’s inception stemmed from the challenges faced during the establishment of CoinSwitch, which prompted the creation of a fund that not only provides financial support but also expertise and networking opportunities. Ashish Singhal, Co-Founder and CEO of CoinSwitch, expressed pride in the fund’s accomplishment of facilitating approximately $25 million in subsequent funding for groundbreaking innovations within the Web3 space.
CoinSwitch launched its corporate venture capital initiative, the Web3 Discovery Fund, in August 2022. The primary objective was to carefully select start-ups for evaluation by global investors and offer streamlined access to Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund, Elevation Capital (formerly known as SAIF Partners), as well as Buidlers Tribe, an incubation partner.
Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, explained that the Discovery fund aims to identify and empower entrepreneurs and early-stage start-ups to harness the potential of cryptocurrency in solving real-world problems. Despite market downturns, a significant influx of innovative startup ideas has been observed. The fund’s mission is to establish a bridge that enables Indian start-ups to access global capital, thereby facilitating the growth of the Indian Web3 ecosystem.