Lightspark Backer Felix Capital Raises $600M to Support Crypto and Web3 Projects

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Lightspark Backer Felix Capital Raises $600M to Support Crypto and Web3 Projects

London-based VC Felix Capital has brought in $600 million (its largest fund yet) to support established and emerging crypto and Web 3 projects.

Jun 10, 2022 – 00:00
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According to a recent announcement, the London-based VC is targeting “long-term” investments in commerce and fintech firms. With the new funding, the firm is looking to double down on existing investments, as well as support emerging startups. It also plans on adding in new hires as partners, investors, and advisers.

As far as environmental conservation goes, Felix is one of the firms looking to promote sustainability.

Felix Raises $600M to Back Crypto, Web3 Projects

Felix Capital is one of the prominent investors backing the new David Marcus Bitcoin startup. The former Diem stablecoin project lead launched a new firm – Lightspark – in May, aiming to explore the utilities and capabilities of Bitcoin’s Lightning Network. The VC has also funded Sorare – a global fantasy football game where players can trade digital collectibles.

Outside crypto, the firm’s portfolio includes leading companies like online food delivery firm Deliveroo, and transportation company Dott. Another is Moonbug Entertainment (creator of the Cocomelon kids channel), among many others.

Felix Capital now hopes to increase its portfolio count to between 20-25 companies based in Europe or North America.

Of note, the latest fundraising is the firm’s fourth and biggest yet, bringing the total amount raised to $1.2 billion. The Frederic Court-led firm is moving in leaps and bounds, considering it launched with $120 million in 2015. Even more, its initial capital target was just $500 million.

Crypto and Web 3.0 Investments

Lately, the crypto market has been in a somber mood, with most cryptocurrencies trading well below their all-time highs. Events such as the Russia-Ukraine conflict and Fed interest rate hikes have caused economic knock-on effects, reverberating through all forms of finance.

But even then, it seems venture capitalists’ activities are far from subsiding, especially in matters of crypto and Web3. In April, the VC Andreessen Horowitz (a16z) created a crypto research team to look into Web3. A month prior, ex-a16z partner Katie Haun raised $1.5 billion to invest in crypto, NFT, and Web3 projects. She became the first female founding partner to attract such a staggering amount.

In its Q1, 2022 report, VC database PitchBook noted that the “number of European VC vehicles fell drastically.” Even more, the number of funds launched this year “might be the lowest since 2013.” On the positive side, PitchBook says VC activity in Europe in Q1 was at pace with that of the same period last year.

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