The fund is a joint commitment with participation from a16z, Coatue, Coinfund, others.
Vancouver-based Dapper Labs has launched a $725 million ecosystem fund designated to drive innovation and growth across the Flow blockchain ecosystem.
”The Ecosystem Fund has the opportunity to become a real game-changer for the [more than] 7500 strong and fast-growing developer community in the Flow ecosystem.”
– Roham Gharegozlou
The Flow blockchain was developed by Dapper Labs, the company behind CryptoKitties and NBA Top Shot, in 2019. Powered by Cadence, an original programming language built specifically for digital assets, Flow is an open, decentralized platform created as a solution to the problem of blockchain scalability for consumer applications such as games and digital collectibles.
With a partnership network that includes the NBA, NFL, UFC, and Dr. Seuss, Dapper Labs claims that Flow has seen daily transactions triple since September 2021.
Touted as the largest joint commitment made towards any blockchain ecosystem, the Ecosystem Fund’s participating investors include a16z, AppWorks, Cadenza Ventures, Coatue, Coinfund, Digital Currency Group (DCG), Dispersion Capital, Fabric Ventures, Greenfield One, HashKey, L1 Digital, Mirana Ventures, OP Crypto, SkyVision Capital, Spartan Group, Union Square Ventures, and Dapper Ventures.
“We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this Fund,” said Roham Gharegozlou, CEO of Dapper Labs. “With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer for the [more than] 7500 strong and fast-growing developer community in the Flow ecosystem.”
Participating investors will focus on providing support for gaming, infrastructure, decentralized finance, content, and creators. The funding is expected to be used by developers for product development, product scaling, team expansion, user acquisition, and general operating expenses.
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In addition to funding, developers in the Flow ecosystem will have access to informational events, office hours, accelerators and incubators, subsidized office space, and similar initiatives. For example, investors are expected to provide Flow teams with office spaces in cities such as Berlin (Greenfield One) and throughout Asia (AppWorks Accelerator program).
Liberty City Ventures will also provide two scholarships for college students to work on Flow-related projects.
In addition to launching the Ecosystem Fund, Dapper Labs has been a noted leader in the Canadian blockchain technology space, most notably for its digital collectibles offering.
The Vancouver startup has raised multiple large rounds of funding throughout last year, including a $250 million USD round in September, and $305 million last March.
Dapper Labs is one of the eleven founding members that comprise the Canadian Web3 Council, a non-profit trade association that aims to “position Canada as a leader in Web3 technology such as blockchain and cryptocurrency.” Other council members include Ether Capital, Ledn, Figment, Wealthsimple, and WonderFi.
Featured image from Flow’s blog post.
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