CoinSwitch Ventures, the investment arm of CoinSwitch, a homegrown crypto-investing platform, announced on Tuesday that it has invested in 12 promising startups, facilitating nearly $25 million in subsequent funding through its Web3 Discovery Fund.
The fund, which supports early-stage startups developing blockchain-based solutions for the Web3 landscape, has gained traction and expanded its investor network from six to over 70 participants in less than nine months.
Ashish Singhal, Co-Founder and CEO of CoinSwitch, expressed his pride in the fund's accomplishments, stating, "Our fund's philosophy was born out of the challenges we faced while setting up CoinSwitch. The roadblock then led us to establish a fund that not only provides funds but also expertise and networking opportunities. It is with great pride that I share our achievement of facilitating approximately $25 million in subsequent funding for pioneering innovations within the Web3 space."
According to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, the Discovery Fund aims to identify and empower entrepreneurs and early-stage startups to leverage the potential of cryptocurrencies to address real-world problems.
“Even in the bear market, we have seen a huge influx of innovative startup ideas. Our aim is to build a bridge that enables Indian startups to have access to global capital, thereby facilitating the growth of the Indian Web3 ecosystem,” Chaturvedi added.
Among the 12 startups that have received funding are PYOR, Silence Labs, AirStack, Mohash, Shield, PolyTrade, BitsCrunch, and PlayZap. These startups operate in key areas such as blockchain infrastructure, blockchain analytics, and real-world asset tokenisation.
CoinSwitch added that the Web3 Discovery Fund has acted as a catalyst, connecting over 100 startups with esteemed global investors, including prominent names like Andreessen Horowitz (a16z), Coinbase Ventures, and Sequoia Capital.
