Red Beard Ventures Successfully Raises $25M in Funding Round with Animoca Brands and Other Investors

The Web3 venture capital firm aims to provide support to early-stage DeFi and Web3 gaming projects while also introducing a tokenomics accelerator.

Red Beard Ventures, a Web3 venture capital firm, has successfully concluded a $25 million funding round with investments from notable Web3 players including Marc Andreessen and Chris Dixon from a16z, Animoca Brands, a major Web3 gaming company, John Crain, the CEO of SuperRare, a non-fungible token (NFT) platform, and other prominent figures.

The recently acquired funding will be used to expedite the adoption of Web3 technologies and support the launch of a tokenomics accelerator program called Denarii Labs. This initiative, in partnership with Horizen Labs Ventures, will provide advisory services, weekly educational sessions, mentorship, launch support, and more for individuals and companies launching token projects.

The accelerator is currently open for applications for its inaugural cohort, set to commence in the third quarter of this year. Each participating company will receive $100,000 to develop their brand.

Red Beard Ventures initially emerged as a syndicate of the startup accelerator AngelList in 2019 under the leadership of founder and managing partner Drew Austin. The firm has made investments in 192 companies, including Dapper Labs, the parent company of NBA Top Shot, The Sandbox, a metaverse platform, and CryptoSlam, a data aggregator for the crypto industry. With a capital deployment of over $40 million, the company has achieved success in the Web3 sector, while also investing in projects related to space exploration, climate science, robotics, AI, fintech, and biotech.

Austin, speaking to CoinDesk, emphasized his familiarity with the fundraising process as a founder since the age of 19, which has contributed to Red Beard Ventures’ achievements. The primary objective of the new fund is to engage with early-stage projects focused on decentralized protocols, innovative blockchain technology, decentralized finance (DeFi), and Web3 gaming infrastructure. Austin believes that these areas will be instrumental in driving mass adoption.

He expressed his belief that Web3 gaming infrastructure will attract a significantly larger audience compared to NFTs and DeFi, and these new participants will expect improved infrastructure, scalability, user experiences, streamlined onboarding, cross-chain interoperability, and other essential developments.

Austin credited his success as an investor to his early interest in NFTs, DeFi, and blockchain technology, as well as his personal journey as a digital art collector. He described himself as both a collector and a builder, which has provided him with a unique perspective on the space.

He stated, “It’s been a really unique competitive advantage.”


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