Former members of Sino Global, Coinbase, and Libra have launched a $60 million Web3 fund. This initiative aims to support and invest in Web3 projects and innovations.
A group of industry veterans from the crypto and fintech sectors has come together to establish a new fund named Oak Grove Ventures, with a substantial $60 million investment focus.
Based in Singapore, Oak Grove Ventures aims to explore and invest in innovative projects situated at the crossroads of Web3, artificial intelligence, and biotechnology. The team behind Oak Grove Ventures boasts several prominent individuals, bringing a wealth of experience to the table.
Among them is Sally Wang, formerly associated with Sino Global Capital, which has now evolved into Ryze Labs. Ethan Wang, who served as the tech lead for Libra, is also a key figure within the team.
Shawn Shi, known for co-founding Alchemy Pay, adds further expertise to the group. Additionally, Michael Li, a former Vice President at Coinbase, lends his extensive knowledge to the fund's operations. This diverse and accomplished team intends to identify promising opportunities and support projects that harness the potential of Web3, artificial intelligence, and biotechnology, with a significant focus on driving innovation in these converging domains.
Oak Grove Ventures is poised to play a pivotal role in advancing groundbreaking developments at the intersection of these cutting-edge technologies, with its $60 million fund poised for strategic investments and growth.
“We understand that the journey of building groundbreaking technologies is not just about capital; it's about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders,” Sally Wang, the fund’s head of investments, said in a statement.