Crypto VC Firm CoinFund Looks to Raise $250M Seed Fund

Crypto-focused investment firm CoinFund is looking to raise $250 million for seed investments, according to new filings on Monday with the U.S. Securities and Exchange Commission. The filings come less than three months after the firm announced a $300 million venture capital fund, a notably short turnaround time during a bear market.

The new CoinFund Seed IV fund is split into three parts – two domiciled in the Cayman Islands and one in Delaware, which is typically done for legal and tax purposes. The Caymans funds are targeting to raise $130 million and $20 million, respectively, while the Delaware fund seeks to raise $100 million. The first sales have yet to occur, meaning the funds hadn’t opened to investors.

CoinFund didn't respond to a request for comment by publication time.

In August, the firm launched the $300 million CoinFund Ventures I fund to invest in crypto companies gaining commercial traction in a sector with a large total addressable market, David Pakman, CoinFund managing partner and venture investing head, told CoinDesk at the time.

Founded in 2015, CoinFund originally focused on bitcoin (BTC) and seed-stage investments in decentralized finance (DeFi) projects before branching out. Portfolio companies include NBA Top Shot creator Dapper Labs, blockchain infrastructure provider Blockdaemon and data indexing protocol The Graph.

Read more: How Crypto Traders Are Reinventing Venture Capital