Despite market uncertainties and extra funding for emerging initiatives, early-stage crypto venture capital firm North Island Ventures will set aside $125 million for crypto and Web3 technologies. According to a <a href="https://www.businesswire.com/news/home/20220913006085/en/North-Island-Ventures-Closes-Second-Venture-Fund" target="_blank" rel="nofollow noopener">statement released</a> by the company on Tuesday, North Island's NIV Fund II will allocate between $250,000 and $3 million for up to 40 early-stage ventures.
<h2>North Island Ventures Fund I</h2>
The company's most recent fund replaces its prior North Island Ventures Fund I, which invested in companies like BCB Group and blockchain development platform Axelar. The two-year-old company, which has its headquarters in New York, reported total assets under management of about $300 million.
<blockquote><em>"We launched NIV in 2020 based on our belief that crypto is the next great enabling technology. </em><em>The industry has advanced tremendously since then."</em> NIV's co-founder Travis Scher said in the statement.</blockquote>
Similar to how North Island has streamlined its capital allocations, several <a href="https://www.cryptoknowmics.com/news/venture-capitals-invested-14-2b-in-h1-2022-now-seeing-a-decline/" target="_blank" rel="noopener">venture capital companies</a> have established extravagant funds this year, some of which have a value in the hundreds of millions. Businesses increasingly place large bets on the upcoming internet iteration, emulating fashionable investments from earlier times.
<h2>Web3 Venture Funding</h2>
Late this month, Seven Seven Six, a venture capital firm specializing in digital assets and run by the co-founder of Reddit, unveiled a $177 million fund aimed toward <a href="https://www.cryptoknowmics.com/news/polygon-raises-50m-for-emerging-markets-focused-web3-venture-fund/" target="_blank" rel="noopener">Web3 firms</a>. In July, the early-stage investment company Konvoy Ventures established a multimillion-dollar fund for burgeoning gaming businesses targeted at several crypto verticals, including Web3.

While institutional and individual investors are still acting cautiously in the wake of Terra's demise and the failure of cryptocurrency lenders, funding is still accessible for those constructing in a bear market, especially now that values have fallen to their lowest levels in years.

North Island Ventures Closes Another $125M in Web3 Venture Funding

Despite market uncertainties, early-stage crypto venture capital firm North Island Ventures will set aside $125 million for crypto and Web3 technologies.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

North Island Ventures Closes Another $125M in Web3 Venture Funding

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