Entrepreneurs in the blockchain industry, for a long time, have had the great potential their wealth of talented engineering minds present hindered by the lack of commensurate funding and investment.
That trend is now about to be reserved as the European Investment Fund deploys a remarkable amount in capital injection into a venture fund dedicated to backing blockchain and digital assets.
Fabric Ventures, a Luxembourg-based VC known as a great proponent and backer of what is now known as the “Open Economy” has closed its 2021 fund, having raised US$120 million.
Of the total capital raised, US$30 million came from the European Investment Fund (EIF). Other participants in the funding effort include 33 founders and senior employees from firms such as Accelerator Ventures, Google, MySQL, PayPal, PayU, Square, (Transfer)Wise, among others.
With this, Fabric Ventures becomes the first EIF-backed fund mandated to invest in digital assets and blockchain technology.
EIF Chief Executive Alain Godard said: “This partnership seeks to address the need [in Europe] and unlock financing opportunities for entrepreneurs active in the field of blockchain technologies – a field of particular strategic importance for the EU and our competitiveness on the global stage.”
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