NFX announced on Tuesday that it assembled a new $450 million fund geared toward tech and crypto developments. The venture firm intends to expand its efforts at giving a helping hand to pre-seed and seed-stage companies, including companies in the crypto space. In addition, NFX said in a press statement that the new influx of funds would further advance the cause of the crypto space. The fund, dubbed ‘Fund 3,’ will lend support to about 70 companies with specialty in fintech, marketplaces, gaming, and proptech sectors. Furthermore, Fund 3 will increase investments in tech-bio and crypto.
In September last year, NFX brought Morgan Beller on board as a general partner. Beller is the co-creator of stablecoin project Diem (formerly Libra), an initiative led by Facebook. Beller expressed joy in joining NFX in a statement. He said the company’s understanding of network effects and crypto gives it leverage. In Beller’s own words, “No one is better at understanding that than the NFX team.”
NFX had also taken part in some crypto funding rounds in the past, including Ramp which raised $9 million in June. Ramp currently has a $300 million valuation, according to The Block’s Ryan Weeks. Furthermore, British venture capital firm Balderton Capital is the lead investor for the round. Ramp has its headquarters in London but runs most of its operation out of Poland.
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