A venture fund led by former Binance strategy officer Gin Chao has hit its final close at over $50 million to invest in early-stage Web3 and blockchain firms.
The venture fund, dubbed as “CVP NoLimit Fund I”, is a joint venture between blockchain-focused investment firm No Limit Holdings and China-focused consumer and technology growth equity firm ClearVue Partners.
The news comes almost a year after a source with direct information about the venture told DealStreetAsia in July 2022 that CVP NoLimit Holdings was targeting to raise a total of $100 million for its first fund.
Crypto-focused venture capital fundraising has been looking bleak for the first half of 2023. While some limited partners are still feeling the burn of the serial collapses of venture-backed firms in 2022, others are deterred by the rising interest rates amid a crypto bear market.
In the first half of 2023, the average size of a new crypto fund stood at $236 million, while the median size was $50 million—both went down significantly from 2022, when the average fund size was $343 million and the median size was $100 million, according to a report published by the research arm of crypto investment firm Galaxy Digital.
“We are grateful for the confidence and trust that our partners have placed in us for this first fund, particularly given the breadth of industries our LP [limited partners] base represents and the challenging macroeconomic conditions during this period,” said Gin Chao, founding partner of No Limit Holdings, in the release.
“At the same time, this has created an ideal window to deploy capital into the exciting opportunities that the current market presents,” he added.
The fund has since invested into over 20 projects, including Sei Labs, the contributor behind Sei layer 1 blockchain; and Wynd Network, a node marketplace that enables users to monetise unused bandwidth.
The firm said it will invest in 20 more projects over the next 12 months, per the release.