Blockchain Founders Fund announces final close of $75M fund
- Blockchain Founders Fund’s BFF Fund II is a $75 million fund for Web3 startups.
- Backers of the fund include Polygon, Ripple and NEO Global Capital (NGC).
- BFF launched its BFF Fund in 2018 and has invested in over 100 projects, including Splinterlands.
Blockchain Founders Fund (BFF), a Singapore-based early stage Web3 venture capital fund, has announced the final close of its second fund.
While BFF announced the principal close of its Fund II in early 2022, the latest announcement is a final close that included the participation of major crypto-focused investors, institutions and family offices.
Per the company, which revealed the development via a press release, participants in the $75 million fund include Polygon, Ripple, and NEO Global Capital (NGC). As highlighted last September, Polygon invested in BFF as part of its goal towards global blockchain adoption.
Others were Appworks, The Sandbox COO Sebastien Borget and Metavest Capital.
BFF Fund invests in early stage Web3 startups
The Singapore-based fund will use the financing to support the pre-seed and seed rounds of top startups across Web3 and blockchain.
According to BFF managing partner Aly Madhavji, the fund has already invested in projects that are currently reshaping the Web3 ecosystem.
“As we close this fund, we remain committed to supporting the next generation of visionary entrepreneurs who are shaping the future of Web3 and blockchain technologies. Together, we can build a more decentralized, transparent, and equitable world,” he added.
The BFF Fund fund launched in 2018, and has so far seen investments in more than 100 startups, half of these coming in the past year despite the crypto winter.
Startups that have benefited from BFF’s support include multiplayer collectible card game Splinterlands, artificial intelligence (AI) metaverse protocol Altered State Machine, and token management platform Magna.
As reported earlier this year, BFF lead a $500,000 seed round for blockchain platform Koinos.