The London-based venture capital company Felix Capital, founded by investor Frederic Court, fundraised $600 million toward its Web3 business plan expansion. The company stated its plans to explore more areas of interest and grow further in Web3 development. It also announced their intentions to back other like-minded VC companies that wish to expand on internet and blockchain technologies.
Felix Capital, a London-based VC company, has raised $600 million in its fourth fundraising round, this being its biggest yet. The company, which has been investing in commerce and money-tooling startups, is planning to use part of the funds raised to increase its Web3 exposure as part of its new business strategy.
Felix Capital Includes Web3 in Business Plan
Venture capital firms from all over the world are now turning their eyes to Web3, a new field that intertwines the internet and crypto. One such firm has been Felix Capital, a London-based VC company that has expanded its business plan to include Web3 as part of its current interests. With its latest fundraising round, the company obtained $600 million, surpassing its initial goal of $500 million.
For the firm, this is its fourth and largest fundraise to date, bringing its total assets under management to $1.2 billion. In a blog post, the company explained that these funds will be used to back another 20 to 25 companies over the next couple of years, across Europe and North America.
About the inclusion of Web3 elements in its next investments, the company stated:
“We are expanding our areas of interest, planning to grow our exposure to Web3, a new platform for creativity, community, and of course entrepreneurship. The urgency to live a more sustainable lifestyle will be an increasingly central theme, in line with our mission to partner with founders who want to have a positive impact on the world.”
Frederic Court, head of Felix Capital, believes that the current market downturn doesn’t affect its operations because the company’s investments are “fundamentally a long-term business, and it takes a long time to build a great company.”
A Web3 Investment Explosion
Web3 is becoming a recurrent theme for VCs that want to expand their investment focus. Felix Capital is just one of the firms that has declared intentions to back companies in the Web3 environment, and a number of other firms have also pivoted part of their investments to this new field.
On June 9, Solana Ventures, the investment arm of Solana, announced it would allocate $100 million to support innovative Web3-based products and companies in South Korea. Also, on June 3, Binance Labs reported on the launch of a $500 million fund focused on companies proposing to extend the functions of crypto using blockchain and Web3 tech.