The New York-based crypto-focused funding agency Reverie has launched Reverie Fund One, a $20 million enterprise capital fund that can spend money on Web3 startups.
The launch of the brand new fund was introduced on X on Thursday by Larry Sukernik, co-founder of Reverie, who promised that the launch would include “no hype, no gimmicks.”
“Reverie is for founders who wish to construct wonderful merchandise and generational corporations,” Sukernik wrote.
He added that the brand new fund has been set as much as assist startups within the Web3 world particularly with “issues that transfer the needle,” together with making introductions, iterating product, and constructing an ecosystem round crypto infrastructure.
A ‘crypto-native’ fund
The corporate additionally described its new enterprise fund in a weblog publish the place it emphasised that it’s “crypto-native and business-native,” and seeking to assist founders notice their visions.
Within the publish, Reverie defined that they consider the following technology of crypto founders will make “an entire 180” from earlier crypto founders who centered on “sophisticated mechanism design and convoluted merchandise which have little to no customers.”
“[…] we consider the following technology of crypto founders will care extra about customers, revenues, and income — the essential substances that make each nice firm on the earth,” the agency wrote.
Additional, the publish rejected the favored notion that hypothesis is the important thing to onboarding new folks to crypto.
“Now we have to reject that premise — most founders on the earth aren’t concerned about constructing merchandise for speculators,” the staff wrote, whereas including:
“Who needs to run an internet on line casino for meme tokens when you may construct a crypto product that may change the world?”