CoinSwitch Ventures’ Web3 Discovery Fund facilitates nearly $25 million in subsequent funding for 12 Web3 startups
CoinSwitch, India’s largest crypto-investing platform, has made remarkable progress with its Web3 Discovery Fund since its launch under CoinSwitch Ventures last year. The fund empowers early-stage startups to develop blockchain-based solutions for the dynamic Web3 landscape. In less than nine months, the fund has expanded its VC investor network from six to over 70 participants, investing in 12 promising startups and facilitating nearly $25 million in subsequent funding.
“Our fund’s philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space.” said Ashish Singhal, Co-Founder and CEO, CoinSwitch
Talking about the fund, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “With the Discovery fund, we are identifying and enabling entrepreneurs and early-stage startups to leverage the potential of crypto to solve real-world problems. Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem.”
The 12 funded startups include PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. They are built on key themes like blockchain infrastructure, blockchain analytics, and real-world asset tokenization. The Web3 Discovery fund has acted as a catalyst, connecting over 100 startups with esteemed global investors, including prominent names like Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital.