Flow launches $725M fund to support its blockchain ecosystem
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Flow, the blockchain platform started by NBA Top Shot maker Dapper Labs, has announced a $725 million fund to invest in applications and growth for its blockchain ecosystem.
Flow is layer-1 blockchain that powers non-fungible token (NFT) applications including games, apps and digital assets including NBA Top Shot and NFL All Day. Dapper Labs built it to support lots of transactions per second and to minimize environmental costs, as Ethereum wasn’t sufficient. Now 7,500 developers contribute to Flow.
Investors in the fund include Andreessen Horowitz, AppWorks, Cadenza Ventures, Coatue, Coinfund, Digital Currency Group (DCG), Fabric Ventures, Greenfield One, HashKey, L1 Digital, Mirana Ventures and BitDAO, OP Crypto, SkyVision Capital, Spartan Group, Union Square Ventures, and Dapper Ventures. The fund includes investors who have poured a lot of money into blockchain games.
Mik Naayem, chief business officer at Dapper Labs, said in an interview with GamesBeat that the fund grew organically, as Dapper Labs has been investing in a lot of seed-stage companies. The company shared its investment deal flow with investors and several unicorn companies emerged from those deals. Venture funds poured billions of dollars into startups that were already using the Flow blockchain.
“So this just started to make a lot of sense,” Naayem said. “We also took a different approach. I think we’ll create a more globally diverse ecosystem, which we’re most excited about.”
He said the company didn’t like the usual fund model with a general partner and limited partners, as it pulled capital to a single decision maker. With this, 15 different funds
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