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Indian crypto exchange CoinSwitch has introduced a Web3 Discovery Fund with initial capital of US$10 million to back early stage startups.
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Fast facts
- The Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners, such as Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), as well as incubation partner Buidlers Tribe, the company said in a statement.
- The initiative will track progress, curate and facilitate subsequent fundraising of its portfolio startups from its investor partners.
- “India needs platforms and funds that identify and enable early stage Web3 startups that solve real (world) use cases, to not just fund them but also mentor and equip them to hit the market and grow,” CoinSwitch founder Ashish Singhal said on Twitter.
- CoinSwitch Web3 Discovery Fund will also be an AWS Activate Provider. The fund’s early stage portfolio startups can apply for AWS Activate Portfolio and receive AWS credits, technical support, training and resources, to accelerate their growth.
- CoinSwitch, which says it has 18 million users, was founded in 2017 by Ashish Singhal, Govind Soni and Vimal Sagar Tiwari.
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