New Zealand VC Launches $5 Million Web3 and Crypto-Focused Fund
New Zealand VC Launches $5 Million Web3 and Crypto-Focused Fund. Global From Day 1 (GD1), a New Zealand-based venture capital firm, has announced the formation of a $5 million Web3 and crypto-focused venture capital fund to support local entrepreneurs. The fund will invest in startups ranging from pre-seed to Series A in decentralized finance (defi), decentralized autonomous organizations (DAOs), non-fungible tokens (NFTs), and Web3.
GD1 has announced a $5 million Web3 and crypto-focused venture capital fund, which will benefit New Zealand-based entrepreneurs and local investors. As a general partner, Nawaz Ahmed, a cryptocurrency and Web3 specialist, will lead the GD1 Crypto Fund 1. Vignesh Kumar, the co-managing partner at GD1, commented on what the next general partner is likely to offer.
The fund’s initial closure is scheduled for June, and it is expected to be oversubscribed due to early commitment from international Limited Partners, according to the release. Meanwhile, the statement noted that the GD1 Crypto Fund 1 is distinct from the GD1 Fund 3. Ahmed, for one, stated that it looked like local entrepreneurs were solely seeking money from foreign sources. He stated: “In the past, the very best New Zealand firms in this field could readily attract cash abroad and didn’t need to rely on local investment.” This is a wasted opportunity for New Zealand-based funds, and we’d want to be the first to investigate it.”
As Ahmed concedes, various funds focusing especially on the metaverse, Web3, and bitcoin have developed in recent years. Unlike GD1, though, several worldwide venture capital firms, such as Griffin Gaming Partners, a VC firm focusing on gaming-related investments, have opened larger funds. Griffin Gaming Partners has put aside $750 million to finance Web3 and blockchain ventures, according to Bitcoin.com News. Electric Capital is said to have raised $1 billion earlier this year to back crypto startups and buy tokens, while Dragonfly Capital closed its fund for an oversubscribed $650 million.