Wednesday, June 29, 2022

New Zealand VC Global From Day 1 Launches Special Web3/Crypto Fund

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Kiwi VC Global From Day 1 (GD1) released New Zealand’s first dedicated web3/cryptofocused venture capital fund.

The US$5 million ($NZ7.65 million) fund, “GD1 Crypto Fund 1”, will be led internally by cryptocurrency and web3 expert Nawaz Ahmed, who has applied as a General Partner.

It will try to invest in the next generation of web3/crypto entrepreneurs and projects worldwide, from pre-seed to Series A, in Decentralized Finance (DeFi), Decentralized Autonomous Organizations (DAOs), NFTs, Web3 and Crypto Infrastructure, as well as tangential sectors.

Ahmed said the fund has already made two deals through which GD1 will invest in companies with VC giants Andreessen HorowitzReal companies and Kleiner Perkins also on the dressing table.

GD1 Crypto Fund 1 is ready for a first close in June and is expected to be oversubscribed, with early commitment from international Limited Partners whose previous investments include Coinbase, Reddit, Patreon, Yat, Anchor and Artblocks.

GD1 Crypto Fund 1 is separate from GD1 Fund 3, which is currently raising and poised for an oversubscribed final close in August.

Co-Managing Partner Vignesh Kumar said they were happy to have Ahmed join the GD1 team to lead their web3/crypto strategy.

“Nawaz’s work provides GD1 with an important vehicle to test our preliminary thesis around the concept of permissionless innovation on which web3 is built, and we are excited to lay the groundwork for our investment strategy in this area,” he said.

“Like the founders we invest in, we follow people we would like to work with and we have been blown away by Nawaz and his commitment to ‘learning by doing’ in the web3 space since our paths first crossed in 2019. His strong angel investment track record, excellent global networking and an empathetic approach to business building has meant that now is the opportune time for GD1 to launch a new VC offering and get the right internal capacity needed to carry out our web3 ambitions with confidence.”

Ahmed, a veteran angel investor recognized for his work on the first NZ stablecoin, Techemynt, said: New Zealand web3 and crypto startups are largely backed by offshore investments.

“In the past, the very the best NZ companies in this field have been able to raise funds easily globally and have not relied on local investment. This is a missed opportunity for New Zealand-based funds and we are eager to be the first to explore,” he said.

“GD1 understands that being good at investing in technology early on relies heavily on building authentic relationships and meeting great people doing great things.

“I look forward to putting this approach into action as we strive to become the best choice for web3/crypto funding in New Zealand and beyond, and most importantly, I look forward to implementing it with a truly global mandate for investment opportunities.”

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