Fabric Ventures Closes Two $245M Web3 Funds

UK-based Fabric Ventures supports both early- and late-stage projects, with Polkadot, Decentraland and Bitstamp among previous beneficiaries.

Fabric Ventures, a London-based private equity firm, is on the verge of closing Web3 funds as it attempts to boost its wallet ahead of multiple investments.

According to a report in The Block , the company is expected to raise a total of €225 million (around US$245 million).

Fabric expects to be able to close the first of the two funds soon with EUR 125 million (about USD 136 million). According to Richard Muirhead, Managing Partner of Fabric Ventures, this fund was significantly oversubscribed, which is why the cap was raised to EUR 125 .

Upon completion, the Company will use the funds to support early-stage projects.

Meanwhile, the company will close another €100 million (US$109 million) fund later this April. As in previous years, Fabric Ventures will use the second fund to help scale projects as part of its goal of supporting later stage investments.

The fund is aimed at projects seeking Series B funding or beyond.

The funds follow Fabric Ventures' raising of $130 million in July 2021 from various funders. A notable contributor to the fund was the European Investment Fund (EIF), which contributed $30 million.

According to Muirhead, Fabric is looking for fresh funds in 2023.

Digital asset projects set to receive investment support from Fabric include crypto exchange Bitstamp, blockchain platform Polkadot (DOT), and Metaverse Linked Protocol Decentraland (MANA). The VC firm has also contributed to Axie Infinity developer Sky Mavis.

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