London-based Fabric Ventures, which invests in scalable decentralized networks, is close to completing two Web 3.0-focused funding rounds worth EUR 225 million (approx. USD 245 million), according to information by The Block.
The first fund has a cap of EUR 125 million (approx. USD 136 million) and aims to provide financial support to early-stage investments. The second fund, with a cap of EUR 100 million (approx. USD 109 million), would focus on later-stage companies in the Web 3.0 space. The first fund is near completion while the second is expected to close later in April 2022.
In July 2021, Fabric Ventures closed a USD 130 million fund for investment in early-stage blockchain projects. The round was backed by the European Investment Fund (EIF), which invested USD 30 million. Established in 1994 and headquartered in Luxembourg, EIF finances mainly small and medium-sized enterprises. Its shareholders are as follows: the European Investment Bank (62%); the European Union, represented by the European Commission (29%); and 30 privately owned EU financial institutions (9%).
Fabric Ventures has a long track record of crypto and blockchain investments. The VC’s portfolio includes Polkadot, NEAR Protocol, Sorare, Decentraland, Orchid, 1inch, Coinbase, and The Graph among others.