Alchemy

Quick take: 
<ul> 
 <li>Former Sino Global, Coinbase and Libra executives have teamed up to launch Oak Grove Ventures.</li> 
 <li>The Singapore-based VC targets the intersection of Web3, artificial intelligence, and biotech.</li> 
 <li>The fund seeks to invest $60 million in early-stage startups and has already backed over 30 projects.</li> 
</ul> 
Former Sino Global, Coinbase and Libra executives have launched a $60 million fund to invest in early-stage startups. According to the announcement on Tuesday, Oak Grover Ventures is targeting opportunities at the intersection of Web3, artificial intelligence (AI) and biotech.&nbsp; 
According to <a href="https://www.coindesk.com/markets/2023/09/19/sino-global-coinbase-and-libra-alums-start-60-million-web3-fund/" target="_blank" rel="noopener noreferrer nofollow">CoinDesk</a>, the Oak Grove Ventures team comprises Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, as well as Michael Li, a former VP of Coinbase. 
Oak Grove Ventures was previously a family office that managed investments for a wealthy family. Its previous investments include Elon Musk’s aerospace company SpaceX and his neurotech startup Neural Link, among others. 
Commenting on the announcement, Sally Wang, the fund’s head of investments, said in a statement: “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.” 
This announcement comes at a time when funding for Web3 startups is declining due to the bear market. But it also follows Blockchain Capital’s <a href="https://www.nftgators.com/blockchain-capital-secures-580m-for-two-new-funds-with-visa-among-investors/" rel="noopener noreferrer nofollow">$580 million fundraising</a> for two new funds on Monday. 
Andreessen Horowitz-backed <a href="https://www.nftgators.com/web3-startup-bastion-emerges-from-stealth-with-25m-round-led-by-a16z-crypto/" rel="noopener noreferrer nofollow">Batsion Platform</a> also emerged from stealth with a $25 million funding round led by A16z Crypto. 
Oak Grove Ventures is not the only VC from APAC targeting the intersection of Web3, AI and other technologies. Last week, Thailand’s second-largest bank Kasikornbank (KBank) launched a $100 million fund to invest in artificial intelligence, web3 and deep tech startups. 
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The post <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com/oak-grove-ventures-launches-with-60m-fund-to-invest-in-web3-ai-and-biotech/">Oak Grove Ventures Launches with $60M Fund to Invest in Web3, AI and Biotech</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.nftgators.com">NFTgators </a>.

Oak Grove Ventures Launches with $60M Fund to Invest in Web3, AI and Biotech

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