Web3 Ventures: Sino Global, Coinbase, and Libra Veterans Launch $60 Million Fund

A new venture named Oak Grove Ventures, spearheaded by alumni from prominent names in the crypto and fintech sectors, is set to kickstart a $60 million fund. This fund's primary focus will be on the convergence of Web3, artificial intelligence, and biotechnology.

The team behind Singapore-based Oak Grove Ventures comprises notable individuals, including Sally Wang, formerly associated with Sino Global Capital (now Ryze Labs), Ethan Wang, previously serving as the tech lead for Libra, Shawn Shi, co-founder of Alchemy Pay, and Michael Li, a former VP at Coinbase.

Sally Wang, the head of investments for the fund, emphasized the importance of building a community of visionaries, pioneers, and founders who share a passion for innovation. She stated, "We understand that the journey of building groundbreaking technologies is not just about capital; it's about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders," in a statement to Bitsday.

Having previously operated as a family office, Oak Grove Ventures has a proven track record of successful early-stage investments. The press release noted that the venture has supported over 30 projects in the past. Oak Grove has also disclosed an investment portfolio comprising eight funds and 14 high-quality projects, including names like SpaceX and Neuralink.

This launch comes on the heels of Blockchain Capital's announcement regarding the successful raising of $580 million for two new funds dedicated to crypto investments. Notably, a significant portion of the investors in these funds consists of traditional institutions, underscoring their interest in the digital asset market despite its challenging conditions this year.