IDEO CoLab Ventures files with SEC for new $100M crypto fund

by Gordon James

US design and innovation consultancy IDEO has applied to set up a new cryptocurrency fund through its blockchain-focused venture capital firm.

IDEO CoLab Ventures, an early-stage investment fund focused on blockchain development, on Tuesday filed a new crypto fund application with the U.S. Securities and Exchange Commission, or SEC.

The new fund is called IDEO CoLab Crypto Fund II LP and has a total size of $100 million. The application was submitted by Joe Gerber, executive director of IDEO’s CoLab.

The filing with the Securities and Exchange Commission follows IDEO CoLab’s announcement to launch a $21 million crypto fund in October 2020. The new fund is backed by executives from major cryptocurrency players, such as Coinbase, as well as companies like Twitter, Fortress and IDEO itself. Other sponsors include major investors such as Avanta Ventures, GS Group, Hanwha Asset Management, Fineqia and others.

As previously reported, IDEO CoLab has helped incubate over 30 crypto startups since its initial investment in 2018. IDEO’s investments in the industry include the FalconX digital asset exchange platform and Handshake, a decentralized naming and certification authority.

Taehong Huh, managing partner of GS Futures at GS Group, said IDEO Colab is ideally positioned to lead a movement that supports collaboration between investors, entrepreneurs, designers, policymakers and companies in the sector.

We believe the disruptive nature of blockchain technology is still underestimated by the public, including companies like us, because it has yet to translate into widely desired products or experiences, he said.

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