Singapore-based Oak Grove Ventures, a $60 million fund, has been launched by alumni from various crypto and fintech companies. The fund will focus on the intersection of biotech, Web3, and artificial intelligence (AI). The team behind Oak Grove Ventures includes individuals with experience at companies such as Sino Global Capital (now Ryze Labs), Libra, Alchemy Pay, and Coinbase.
Previously operating as a family office, Oak Grove Ventures has a track record of supporting over 30 projects and early-stage investments. Its investment portfolio includes eight funds and 14 projects, including SpaceX and Neuralink Corp, both owned by Elon Musk.
Web3 funding for venture capital-backed startups has seen a decline in the third quarter of 2023, according to Crunchbase data. Investments in the sector have been less than $1 billion this quarter, spread across 200 deals. This is in comparison to $1.9 billion spread across 364 deals in the second quarter of 2022. In the third quarter of 2022, investments stood at $3.6 billion across 500 deals.
Amidst this trend, Bitget, a top cryptocurrency exchange and copy trading platform, established the Bitget EmpowerX Fund with a $100 million capital base, aimed at building a web3 ecosystem. Blockchain Capital also raised $580 million for two new funds focused on crypto investments, marking its largest fundraising effort in its decade-long existence. In contrast, Ant Group exited its A&T Capital $100 million fund due to challenges in the digital asset market.
The launch of Oak Grove Ventures and the focus on biotech, Web3, and AI highlights the continued interest and investment in these sectors. With experienced individuals from the crypto and fintech industry at the helm, the fund is expected to make meaningful contributions to these areas. However, the decline in web3 funding for VC-backed startups raises concerns, as investments have dropped to their lowest level since 2019. Despite this, the establishment of the Bitget EmpowerX Fund and the successful fundraising by Blockchain Capital demonstrate that there are still opportunities and optimism within the crypto and web3 space.
Overall, the launch of Oak Grove Ventures adds to the growing ecosystem of funds and investments in biotech, Web3, and AI. The involvement of industry professionals with expertise in these fields positions the fund for success in supporting innovative projects and early-stage startups. However, the challenges faced by web3 startups in securing funding highlight the need for continued interest and support from investors.
