Vessel Capital, a venture capital firm, declares that it has $55 million to invest in Web3 infrastructure and applications. In particular, the firm wants to fund fresh web3 entrepreneurs. (...) According to the recent report, Vessel Capital intends to allocate the funds in web3 over a span of five years. It hints at the possibility of further expanding that capital pool in the future.
Uddin intends to find founders that he can work with from the beginning to grow their companies. The primary focus of the $55 million fund will be on backing “application-specific infrastructure,” while remaining open to considering other areas as well.
He believes that forging a relationship between a VC who has a grasp of web3 and a startup from the outset is the road to success.
Uddin expresses that VCs who don’t understand web3 can’t properly help many startups with great ideas. “Oftentimes, [VCs] don’t have expertise in the things they’re investing in,” he states.
According to Uddin, the secret to a successful VC relationship with a startup is the ability to share knowledge and insights:
“The world has enough VCs, but what’s actually missing is actual guidance and advice. Most times you’ll get a nice check, a pretty logo on your website, but other than that VCs don’t help much aside from intros from time to time.” (...) Rumors are circulating that VCs are also delving into artificial intelligence (AI), potentially leading to reduced funding for web3 and crypto projects.
On May 26, reports indicated that Paradigm is considering an expansion of its investment focus beyond crypto and blockchain also to include AI.