Shadine Taufik · · 1 min readEx-Binance Labs exec’s Web3 VC fund nets $20m
Lingfeng Innovation Fund (LIF), the Web3-focused unit of China’s Lingfeng Capital, has banked US$20 million in its first close, The Block reported.
The fund, led by ex-Binance Labs executive director Nicole Zhang, plans to raise a total of US$30 million. The money will be invested in crypto startups worldwide, ranging from companies in their pre-seed to series A stages.
To date, the fund has invested in 10 projects including Ultiverse, ApolloX, and ZetaChain. Half of these investments were co-funded with Binance Labs.
Zhang told The Block that LIF aims to enable “Web2 elites with Web3 expertise.” She is in charge of due diligence and fundraising on the investments.
Her co-partners on this project include Lingfeng Capital founding partners Ning Ma and Ming Shu. Zhang was with Binance’s venture capital and incubator arm for two years before leaving the crypto exchange in May.
See also: Binance’s big BUSD push heralds a stablecoin summer
Editing by Deepti Sri and Eileen C. Ang
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
