Lighting the Way: Irish Venture Capital Firm Lightspeed Faction Launches $285M Fund for Thriving Blockchain Startups

"Lightspeed Faction Launches $285 Million Fund to Fuel Early-Stage Blockchain Projects, Providing Crypto-Native Expertise and Support"

Lightspeed Faction, a blockchain-focused venture capital (VC) firm, has announced the launch of a new $285 million fund that will primarily invest in early-stage projects. Comprised of team members who have previously worked at prominent companies such as Amber Group, Blockchain.com, Coinbase, and Lightspeed Venture Capital, Lightspeed Faction aims to provide “crypto-native” advice to the projects it invests in. The firm stated that it offers founders access to a team of experienced blockchain investors and operators, filling a void in the industry at a time when many have left.

The establishment of this new fund comes at a time of growing optimism in the crypto sector, following a prolonged bear market. This renewed positivity is further fueled by the expectation of the Securities and Exchange Commission (SEC) approving a bitcoin spot exchange-traded fund (ETF). Blockchain Capital, another crypto-focused investment firm, recently raised $580 million for two new funds, while Nym Technologies secured $300 million from VCs for a crypto fund that focuses on privacy and provides capital to crypto builders, developers, and communities.

Lightspeed Faction, in collaboration with Lightspeed Venture Partners, a VC firm managing $25 billion in assets, typically invests in seed-stage and Series A funding rounds. The firm’s current portfolio includes investments in Crossmint, Lens, Narya.ai, Skip.money, and Matter Labs, the development team behind the zkSync layer-2 network built on Ethereum. Banafsheh Fathieh, co-founder and general partner of Lightspeed Faction, expressed enthusiasm for the potential of the blockchain ecosystem and the firm’s commitment to fostering the next phase of blockchain innovation.

In recent years, the blockchain industry has witnessed a surge of promising projects seeking to disrupt various sectors, from financial systems to telecommunications. Lightspeed Faction is eager to collaborate with these projects and provide the necessary support to drive blockchain innovation forward. With its experienced team and substantial funding, Lightspeed Faction is poised to make a significant impact on the blockchain landscape.

Source: Crypto Fundraising Hits 3-Year Low as Firms Struggle to Raise Capital: Messari
Edited by Bradley Keoun

Martin Reid

Martin Reid

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