Greenfield One’s $160m crypto fund is one of Europe’s largest

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The Berlin-based VC firm Greenfield One will invest in European projects working towards creating Web 3.0.

German crypto-focused VC firm Greenfield One has just announced the closure of a $160m fund for European crypto start-ups – its largest fund yet, and one of Europe’s largest.

Raised from private investors in less than four months, the Greenfield One crypto fund will be used to invest in projects and developer teams in Europe working towards creating a more open, decentralised web, known as Web 3.0.

Greenfield One’s new fund has already been used to make initial investments in early-stage projects such as governance lending protocol Paladin, decentralised finance protocol Brink, and protocol for rights management of non-fungible tokens (NFTs) Darkblock, among others.

The VC firm’s previous crypto fund late last year, its second fund overall, was closed early after “significant” increases in portfolio value and had a target volume of €50m.

For Greenfield One’s latest fund, existing investors included Bertelsmann Investments and the family-held investments such as Lennertz from Hamburg. They were joined by some new backers including from the finance and telecommunications sectors.

New investors include telecommunications group Swisscom, CommerzVentures, Galaxy Vision Hill, a business unit of Mike Novogratz’s Galaxy Digital, and the fund of funds Aldea Ventures. All new and existing investors are from the private sector.

Sebastian Blum, co-founder and partner at Greenfield One, said that the firm’s focus on projects building an open web comes at a time when Web 3.0 has “evolved out of its niche” and the pace of innovation is high.

“We are very happy about the strong growth of the investment volume in our new fund, in which previous backers but also more and more institutional investors are getting involved in order to profit from the innovations in the crypto market,” he said.

The Berlin-based crypto fund was the first investor in projects such as 1inch Network, a decentralised finance aggregator. Greenfield One was also the first institutional investor to invest in Sovryn and an early investor in Celo – which attracted investors like Deutsche Telekom earlier this year.

Greenfield One was founded in 2018 by Blum and serial founder Jascha Samadi. Its first fund was launched in early 2019 and its third fund, which is registered with Germany’s financial supervisor BaFin, is expected to comprise around 35 investments.

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