Multi-stage technology venture capital investment firm White Star Capital announced first close of DAF II securing $120 million
venture capital investment firm White Star Capital announced the first close of
its second Digital Asset Fund (DAF II). In this the company has secured $120
million in funding to invest in crypto networks and early-stage blockchain and
Web3 businesses with a focus on decentralized finance (DeFi) and Gaming.
The Digital Asset Fund is backed by major institutional investors and corporations including game publishing giant Ubisoft as an anchor LP. A total of $1 million and $7 million in token and equity will be invested in each of the 20 to 25 companies with a focus in North America, Europe, and Asia. Sep Alavi is the fund's managing partner. Eddie Lee and Luke Xiao, Florent Jouanneau, Sanjay Zimmermann, and Dimitri Nitchoun are its partners in New York, London, Toronto, and Paris.
Due to the firm's increased interest in DeFi, Web3 and blockchain-based technology, it is likely to begin supporting companies that utilize or develop metaverse solutions. Across Seed, Series A, and token rounds, DAF's investment team applies both a crypto native and traditional VC lens to partner with founders. As traders look for distractions from the bearish crypto market, Metaverse and NFT gaming investments are on the rise early this week. Over the past 24 hours bitcoin is down 5.62% trading at just below $40,000.
Earlier moves made by White Star Capital :
Previous investments from White Star Capital’s first Digital Asset Fund DAF was in 2020 in which White Star Capital has successfully invested in 20 companies across seven countries including Ledn, Stacks-based DeFi protocol ALEX, decentralized exchange (DEX) ParaSwap, Multis, Exlusible, and Rally, are among them. In addition, it backed an initiative Bitcoin Odyssey on Sunday, which was for investment firms to invest $165 million in solutions designed to drive Bitcoin adoption.
Fundraised by other firms :
On Monday, Fortnite creator Epic Games declared that it had raised $2 billion from Sony Group Corporation and LEGO Group holding company KIRKBI. Epic's new commitment to developing virtual games for the Metaverse attracted investors. Recently Animoca Brands announced about acquiring Eden Games which is a racing game publisher for $15.3 million to support its REVV Motorsport NFT game ecosystem and create more metaverse games.
CBW - External Analyst