IDEO CoLab Unleashes $21 Million Early Stage Crypto Fund
IDEO CoLab Ventures, which has been investing in blockchain firms since 2018, has announced a $21 million fund specifically for early stage crypto firms. So far, the fund has invested in and helped incubate more than 30 crypto and blockchain startups.
IDEO CoLab Ventures is backed by design company IDEO as well as GS Group, Hansha Asset Management, Fineqia International, and Avanta Ventures (the venture capital arm of CSAA Insurance Group). Executives from Coinbase, Twitter, and Fortress have also signed on.
“Our deep capabilities in design, product development and blockchain technology enable us to attract world-class entrepreneurs and startups from around the world,” Ian Lee, managing director of IDEO CoLab Ventures, said in an announcement.
“This has led to unparalleled investment opportunities and the chance to collaborate with some of the world’s best founders and companies on the development of this important technology and the businesses that are being built on it.”
IDEO has helped incubate firms with a range of services, including product, design, and customer research. IDEO CoLab Ventures investments have included Braintrust, a user-controlled talent network; Handshake, a decentralized naming and certificate authority; and FalconX, a digital asset trading platform.
It’s looking to back blockchain and crypto projects focused on developing Web 3 infrastructure, open finance products, and innovative networks and marketplaces.
“We’ve had a longstanding partnership with IDEO CoLab, collaborating on investments and a blockchain solution for insurance verification,” Debbie Brackeen, executive vice president and chief strategy and innovation officer at CSAA Insurance said in the Medium post.
“Blockchain is a disruptive technology that will affect many industries, and we’re excited to continue our partnership with IDEO CoLab Ventures who is at the forefront of this important work.”
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