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Representatives of the venture capital company Canonical Crypto raised $ 20 million for its own fund. It was created with the participation of business angel Anand Iyer and other major investors, including Mark Andressen and Chris Dixon of Andreessen Horowitz (a16z).
In addition, the company received support from Shan Aggarwal of Coinbase Ventures, Amy Wu of FTX Ventures, Hasib Qureshi of Dragonfly Capital, Semil Shah of Haystack VC, and Dan Romero, who was one of the first employees of coinbase’s trading platform. All of them were among the partners of the organization.
The management of Canonical said that large investors will help the fund invest in new products and contribute to the development of the cryptocurrency industry. Iyer said that he was an invited partner of Pear Ventures, where he was engaged in investments in cryptocurrency, after which he decided to launch his own fund and took advantage of his connections.
Initially, Canonical planned to raise $ 15 million, but in the end, the creators received more support. According to Iyer, the fund wants to focus on preliminary and seed investments. The firm will write checks to promising startups on average in the amount of $ 250 thousand to $ 500 thousand The main focus will be on investments in projects involved in the creation of web3 infrastructure and assistance to developers.
Iyer stressed that at the beginning of his own career, he helped the creators of platforms for Microsoft developers. Now the specialist is looking to do the same for the new technology. Canonical has already invested in more than 10 startups.
Earlier, the editors of Crypto.ru reported: representatives of Andreessen Horowitz Capital Management (a16z) confirmed the launch of the largest cryptocurrency fund to help blockchain startups in the amount of $ 4.5 billion.
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