Digital Asset Firm Castle Island Ventures Raises $250M to Target Web3 Crypto Startups

Digital asset company Castle Island Ventures completed the largest financing in history, up to $250 million to invest in startups focused on building currency networks, financial services and Internet architecture, such as web3.

Castle Island Ventures is a venture capital firm founded by Fidelity alumni Nic Carter and Matt Walsh, focused on public blockchains. They invest in infrastructure and application companies that will enable these transformative protocols to power services for the next billion users.

Castle Island Ventures has raised a total of $30M across 2 funds.

Walsh expressed his hope that in addition to leading the pre-seed stage investment of excellent blockchain startups, he also hopes to lead more excellent web3 companies in Series A investment.

Walsh said in a phone interview with Bloomberg:

“The market opportunity and the wave of entrepreneurs that are actually starting things is just a lot bigger. The way we’ve reacted to the explosion in the space is to beef up our team and give ourselves the ability to go out and be a lot more aggressive in deploying capital in some of these companies.”

As reported by blockchain.News on January 21, Wallet Street Venture Capital firm, Andreessen Horowitz (a16Z) is rallying investors for a $4.5 billion dual fund targeted at making strategic investments in the cryptocurrency ecosystem.

$3.5 billion is billed to be earmarked for its newest cryptocurrency enterprise fund, while $1 billion will be reserved for strategic investments in crypto startups seeking seed funding.

Investments pumped into blockchain startups topped $30 billion in 2021, a figure that surpasses funding received in 2018, 2019, and 2020 combined.

Image source: Shutterstock


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Nic Carter’s Castle Island Ventures Closes $50M Investment Fund

Castle Island Ventures, the early stage crypto fund helmed by Nic Carter and Matt Walsh, has raised $50 million for its second fund.

“We believe that public blockchains are a transformative technology and will change the way that we interact with money, value transfer, trusted third parties, and even the fundamental architecture of the internet itself,” Walsh wrote in an announcement post published Monday.

In a call with CoinDesk, Carter said the fund’s investors included high-net-worth individuals, family offices and others. The firm raised $30 million in June 2018 for its first fund, which invested in 20 startups including BlockFi, ErisX, River Financial, Casa and others.

“My first love is bitcoin and we’re not abandoning bitcoin,” Carter said. “Our focus has always been crypto financial market infrastructure and bitcoin is not the only part of that.”

Carter pointed to the growth of stablecoins and decentralized approaches to internet infrastructure as potential areas of interest for the new $50 million war chest.

“There are adjacencies that are interesting to us,” Carter said. “There’s a slight broadening of our focus to reflect the maturity of that space.”

The second fund will target about 20 startup investments with slightly larger check sizes than the first, Carter added.



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