So far, the fund has completed around 20 deals, with Lemniscap leading or co-leading the majority of these investments.

The fund aims to back innovative projects, particularly in areas such as zero-knowledge infrastructure, decentralized physical infrastructure, and the Bitcoin ecosystem.

With an average investment size ranging from $1 million to $2 million, Lemniscap expects to fully deploy the fund within two years.

Anchored by Accolade Partners, the fund also includes investments from undisclosed high-net-worth individuals and founders of Lemniscap's portfolio companies.

The crypto venture capital landscape remains vibrant, with other firms like Paradigm and Pantera Capital also raising substantial funds recently.

The web3 startup ecosystem is experiencing a resurgence in 2024, recovering from a challenging previous year marked by bankruptcies and regulatory hurdles.

Since its inception in 2017, Lemniscap has made over 130 investments, including notable projects like Avalanche and The Graph.

Lemniscap's investment strategy emphasizes long-term success and innovation in blockchain technology, providing both capital and strategic guidance to its portfolio startups.

This new initiative aligns with a growing trend among developers to enhance Bitcoin's utility, introducing features typically associated with Ethereum.

In 2023, the crypto sector attracted over $10.1 billion in investments, with expectations for 2024 funding to surpass this total.

Lemniscap, a Cayman Islands-based crypto-focused venture capital firm, has successfully launched a $70 million fund to support early-stage startups in the burgeoning web3 ecosystem.

The fund was oversubscribed, reaching its hard cap of $70 million, which led Lemniscap to turn away additional investment interest.