NEAR Unveils $100M Venture Capital Fund Targeting Web3 Culture

The Swiss company behind the NEAR blockchain technology said on Monday that the NEAR Foundation is launching a $100 million venture capital fund and startup lab in collaboration with Caerus Ventures. Initial Investment Towards Venture Lab The fund, which has a $50 million inaugural closure and a $100 million target for seed Series A investments, will be anchored by NEAR. According to a press statement, the initial investment will go towards the venture lab, which will collaborate with artists, talent, and franchise owners to develop, verify, test, and construct the next era of platforms. Nathan Pillai, an executive who spent the last five years with IMG/Endeavor leading M&A and venture development of entertainment companies like Larry Ellison’s SailGP, created Caerus. It is a recently established investment company focused on sports, music, cinema, fashion, and art. Caerus wants to drive innovation in Web3. He stated in an interview, “I believe talent and intellectual property [IP] creators need to have a more equitable share of the value created, and for this, to be shared amongst consumers and fans.” Pillai claimed that the firm is now considering investing in a music streaming service that enables customers to invest in an artist’s success. NEARCON Conference In an interview, the CEO of the Near Foundation, Marieke Flament, stated that NEAR selected Caerus because it shares similar ideas with NEAR. This week, Lisbon will ho...