CoinFund is betting big on Web3's future during a time of layoffs at some of the biggest crypto companies. The crypto-focused investment firm announced on Wednesday that it would launch a $300 million venture capital fund for Web3 founders looking to invest in cryptocurrency. 

The new venture fund will find new crypto projects with a "founders first" philosophy. Investing in early traction and large potential markets in blockchain subsectors is a key priority for Ventures I. 

Investors, family offices, and cryptonative founders backed CoinFund Ventures I. The Ventures I partnership includes the Teacher Retirement System of Texas, Adams Street Partners, Accolade Partners, and StepStone Group as limited partners. Also, Venrock Partners remains a limited partner in CoinFund Ventures I. 

Web3 has been one of the most meaningful software architectural innovations over the last decade, catalyzed by the advent and growth of blockchain. Ventures I aim to invest in companies that facilitate and benefit from this transition in order to build an equitable and open internet. 

Despite the ongoing bear market, CoinFund managing partner David Pakman feels the $300 million fund comes at just the right time. Pakman is also on the boards of Dapper Labs and Rarible. 

During the fund's announcement, Pakman said. “In my 30 years in tech, I have never seen a bigger opportunity than crypto and Web3,” 

As a further sign that the crypto space isn't going anywhere anytime soon, he described the 19% of new startups created this year that are Web3 focused. 

Although Pakman describes celebrating Web3's launch as "a silly moment," he believes it will bring about a momentous technological shift. The firm plans to invest in 30 to 40 companies over the next two to three years. 

With a team of over 30 professionals, CoinFund is competitive in the web3 investment space. As early-stage companies accelerate through their next phase of growth, CoinFund Ventures I will provide deeper support, allowing it to tap into the synergies and expertise of the CoinFund team.