• New investment venture aimed at Web3 and APAC is backed by ParaFi and Dragonfly

  • A Web3-focused investment firm has launched, backed by some of the most well-known investment firms in the cryptocurrency market.

    Jason Kam, a former director at New York-based Briarwood Chase Management, founded Follius Ventures LLC, which has been operating in the shadows for several months. The new venture is backed by investment firms ParaFi Capital and Dragonfly Capital, as well as other investors such as Compound founder Robert Leshner and Framework Ventures founders Vance Spencer and Michael Anderson. Briarwood, Kam’s previous employer, is also an investor.

    Follius intends to invest in projects developing so-called Web3 applications, which are decentralized applications that run on blockchain networks. The fund’s goal is to raise around $50 million, with nearly $45 million already committed. Follius will concentrate on Asian entrepreneurs.

    “I would say that typical entrepreneurs in the greater APAC region are frequently fighting uphill battles in courting local firms who may not get it or be in a position to underwrite (especially China), or international firms that still face a bit of a language and cultural barrier,” Kam told us.

    “The gap will eventually close, but there is a good window of opportunity in the region for being local, missionary, and long-term focused for the next 2-3 years.”

    Kam’s role at Briarwood was to identify Chinese investment opportunities.

    A number of new funds have entered the cryptocurrency market, including Framework’s $100 million venture fund focused on decentralized finance and CoinFund’s recently announced fund.

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