New web3 and AI venture fund launches with $60 million in capital

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By BitcoinWiki News

Key Takeaways:

– Oak Grove Ventures is a new venture capital fund that focuses on investing in early-stage web3, artificial intelligence (AI), and biotechnology startups.
– The fund has $60 million in capital and was founded by Shawn Shi, co-founder of crypto payment solutions provider Alchemy Pay.
– Sally Wang, former vice president of Sino Global Capital, and Zac Pan, former associate partner at Lightspeed Venture Partners, have joined Oak Grove as investment partners.
– The fund’s technical partners include Ethan Wang, former tech lead of Libra, and Rongjian Lan, former co-founder and CTO of Harmony.
– Michael Li, former vice president of Coinbase, serves as the fund’s technical advisor.
– Oak Grove has been involved in the crypto investing business since 2019 and has previously invested over $15 million in different crypto venture funds.
– Despite challenging market conditions, Oak Grove Ventures sees the current bearish market as an opportunity for discerning investors to make successful investments.
– Oak Grove Ventures previously operated as a family office and has invested in several firms including SpaceX, OpenSea, and Consensys.
– Other crypto venture funds that have recently been launched include Blockchain Capital, KBank, CoinFund, Kraken Ventures, and Electrical Capital, all seeking to raise significant amounts of capital.


Oak Grove Ventures is a new venture capital fund that focuses on investing in early-stage web3, artificial intelligence (AI), and biotechnology startups. With $60 million in capital, the fund is founded by Shawn Shi, co-founder of crypto payment solutions provider Alchemy Pay. Other members of the fund include Sally Wang, former vice president of Sino Global Capital, and Zac Pan, former associate partner at Lightspeed Venture Partners.

The fund’s technical partners are Ethan Wang, former tech lead of Libra, and Rongjian Lan, former co-founder and CTO of Harmony. Its technical advisor is Michael Li, former vice president of Coinbase.

Oak Grove has been involved in crypto investing since 2019 and has previously invested over $15 million in different crypto venture funds, including Nomad Capital, Draper Dragon, and IOSG Ventures. Despite the current bearish market conditions, Oak Grove sees it as a unique opportunity for investors to buy in at undervalued levels.

In addition to its venture capital activities, Oak Grove Ventures has also operated as a family office and has invested in over 10 firms, including SpaceX, OpenSea, and Consensys.

The launch of Oak Grove Ventures is part of a trend in the industry, with several new crypto venture funds being established recently. Blockchain Capital raised $580 million for two new funds, Thai banking giant KBank set up a $100 million web3 and AI fund, CoinFund raised $158 million for early-stage crypto startups, and both Kraken Ventures and Electrical Capital are looking to raise significant funds.

Overall, Oak Grove Ventures aims to support early-stage startups in the web3, AI, and biotechnology sectors, taking advantage of opportunities in the bearish market and leveraging its industry expertise to make successful investments.

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