Oak Grove Ventures: A New VC Fund for Web3, AI, and Biotech Startups
Oak Grove Ventures, a newly launched venture capital fund, aims to invest in early-stage startups focused on web3, artificial intelligence (AI), and biotechnology. With $60 million in capital, the fund is founded by Shawn Shi, co-founder of Alchemy Pay, a crypto payment solutions provider. Joining Oak Grove as investment partners are Sally Wang, former vice president of Sino Global Capital (now Ryze Labs), and Zac Pan, former associate partner at Lightspeed Venture Partners.
The fund’s technical partners include Ethan Wang, former tech lead of Libra (now Diem), and Rongjian Lan, former co-founder and CTO of Harmony. Additionally, Michael Li, former vice president of Coinbase, serves as the fund’s technical advisor.
Investing in a Bear Market: A Unique Opportunity
Oak Grove has been involved in crypto investing since 2019 and has previously invested over $15 million in various crypto venture funds such as Nomad Capital, Draper Dragon, and IOSG Ventures. Despite the current bearish market conditions, Sally Wang believes it presents a unique opportunity for discerning investors.
According to Wang, bear markets often indicate that asset prices have reached low points or undervalued levels, making it an optimal time to make investments. Historical data also supports the idea that successful investments are often made during challenging market conditions.
Prior to launching as a venture capital fund, Oak Grove Ventures operated as a family office and had invested in more than 10 firms including SpaceX, OpenSea, and ConsenSys.
A Growing Trend of New Crypto Venture Funds
Despite the challenging market conditions, several new crypto venture funds have emerged recently. Blockchain Capital raised $580 million for two new funds, while Thai banking giant KBank established a $100 million fund for web3 and AI. CoinFund secured $158 million to support early-stage crypto startups. Additionally, Kraken Ventures and Electrical Capital are currently seeking to raise $100 million and $300 million respectively for their new funds.
Hot Take: Oak Grove Ventures Seizes Opportunities in a Bear Market
Oak Grove Ventures, led by experienced professionals in the crypto industry, has launched with a focus on investing in early-stage web3, AI, and biotech startups. Despite the current bearish market conditions, the fund sees this as a unique opportunity for discerning investors to enter at potentially undervalued levels. With a history of successful investments during challenging market conditions, Oak Grove Ventures aims to capitalize on the potential of these innovative sectors. The emergence of new crypto venture funds further highlights the industry’s resilience and long-term growth prospects.
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