VC firm Bessemer announces $250 million fund for decentralized tech, launches DAO

DeFi • March 10, 2022, 4:27PM EST
UPDATED: March 10, 2022, 9:05PM EST
The Block

Bessemer Venture Partners, a San Francisco-based venture capital firm, announced on Wednesday a $250 million investment fund for entrepreneurs in the decentralized tech space. 

The fund has a specific focus for individuals working in consumer crypto, or those working to increase widespread adoption of decentralized technology in areas such as gaming, marketplaces or the metaverse, web3 infrastructures like wallet services and smart contracts, and decentralized finance (DeFi). 

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Bessemer partners Ethan Kurzweil, Charles Birnbaum, Talia Goldberg and Jeremy Levine are leading the decentralized tech fund, with help from Mike Giampapa, Lindsey Li, Alexandra Sukin, Aditya Nidmarti and Sarah Du.

Along with the $250 million fund for decentralized tech, Bessemer has also launched BessemerDAO, a tool for community engagement and product development among entrepreneurs in the web3 industry. Some of the inaugural members of the DAO include Jay Chang of the Solana-based game Genopets, Josh Fried of Solana and Esteban Castaño of TRM Labs, among others. 

Corrected for clarity on the inaugural members of the DAO.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.