Animoca Ventures proposes to establish ApeCoin Ventures, providing a $10 million investment fund for Web3 startups
ChainCatcher news, Animoca Brands' early-stage venture capital arm Animoca Ventures has proposed the establishment of ApeCoin Ventures on the ApeCoin DAO community forum.
According to the proposal, ApeCoin DAO will contribute $5 million worth of APE tokens, and Animoca Ventures will provide $5 million worth of fiat currency for a 1:1 match, jointly forming an investment fund with a total size of $10 million. The fund will focus on investing in early Web3 projects at the seed and Series A stages, prioritizing projects that can integrate APE tokens into their ecosystems.
After successful exits from investments, 50% of the token profits will be returned to ApeCoin DAO, with plans or options to convert the profits back to APE. ApeCoin Ventures will charge a 1% management fee for operational tasks such as project review, due diligence, ecosystem support, and collaborative promotion.
Animoca Ventures stated that with its expertise in venture capital and the vitality and influence of the community, ApeCoin Ventures will be dedicated to enhancing the utility and adoption of APE tokens, introducing high-quality projects with synergies to the ApeCoin ecosystem, and driving long-term value growth for the ecosystem. Animoca Brands has previously successfully invested in numerous star projects, including Yuga Labs, The Sandbox, and Axie Infinity.
It is reported that the proposal is expected to support up to 80 seed/Series A stage Web3 projects, with individual investments ranging from $100,000 to $250,000. If the funds are not fully deployed within two years, the remaining APE tokens will be returned.
