San Francisco’s native cryptocurrency powerhouse, Momentum Capital, recently announced an injection of $10 million into its coffers from BM Fund, a savvy investment entity working out of Canada. This acknowledgment came in July this year and was unveiled on Monday.
This significant tally will primarily be channeled towards expanding Momentum Capital’s dynamic team and scaffolding groundbreaking early-stage Web3 ventures. As the fund forays into uncharted territory in the crypto ecosystem, many are painting it as potentially unearthing the future “Apple” in the world of cryptocurrencies.
Carmen, who can be best described as the brains behind BM Fund, has justified their somewhat contrarian move to invest in Moment Capital within the context of a crypto bear market. The reason for this confidence lies in their unwavering faith in the fund’s competency and track record.
On the other hand, Momentum Capital is preparing to zero-in on prospective Web3 investments as they gear up for the imminent stage of the crypto market’s cycle. The enterprise has voiced its intent to back Web3 ventures showcasing inherent value, thereby reinforcing its commitment to Web3.
Momentum Capital, initially established in 2002 as a private equity investor concentrating on the mid-market segment, has transitioned into an expansive investment company. It presently forays into private equity, venture capital, real estate, and financial markets.
Notably, there seems to be a resurgence in crypto-investor interest, as evidenced by Ethereum‘s infrastructure supplier, Flashbots securing a hefty $60 million in their Series B funding round. Yet another fraudulent signal is the $54 million raked in by Futureverse, a promising crypto tech and gaming startup courtesy of 10T Holdings’ led Series A funding event.
However, the overarching narrative is not all pensions and roses. Evan Cheng, founder of Mysten Labs, insinuates that the influx of AI funding is strangling the crypto industry’s funds. This shifting allocation has the potential to leave early-stage crypto enterprises in the lurch, despite valuations experiencing a downtick. What’s more, the scramble to secure late-stage financing is intensifying, invariably leaving only the cream of the cryptocrop still standing.
Source: Cryptonews
