Canonical Crypto Raises $20 Million for New Fund

<p><strong><span class&equals;"legendSpanClass"><span class&equals;"xn-location">SAN FRANCISCO<&sol;span><&sol;span><&sol;strong> &&num;8212&semi; Canonical Crypto&comma; a newly launched venture fund focused on developer infrastructure on the blockchain&comma; has raised <span class&equals;"xn-money">&dollar;20 million<&sol;span> in capital in an oversubscribed round for its inaugural fund&period; Leading the firm is founder and general partner <span class&equals;"xn-person">Anand Iyer<&sol;span>&comma; a longtime Silicon Valley operator and investor&comma; who most recently was a visiting partner at Pear VC&comma; where he led their crypto investments&period;<&sol;p>&NewLine;<p>Canonical Crypto will invest in and work with developers&comma; primarily those making the transition from web2 to web3&period; Canonical&&num;8217&semi;s main areas of focus will be in developer infrastructure &&num;8211&semi; those looking to build tools and services to support the new wave of infrastructure that is necessary to create better decentralized applications&period; The new fund will specialize in nurturing early-stage teams and actively supporting them with crypto-native primitives&period;<&sol;p>&NewLine;<p>&&num;8220&semi;We are dedicated to partnering with founders who are building the tooling and infrastructure to enable the next wave of web3 and web3 assets&comma;&&num;8221&semi; said Iyer&period; &&num;8220&semi;As tech&comma; digital&comma; and crypto natives&comma; we are the new kind of investors founders are looking for today&period; We have the right knowledge and skills to help developers turn apps into businesses&comma; gain access to the world&&num;8217&semi;s top talent&comma; and forge the future fabric of the internet&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The new fund is backed by family offices and individuals from the venture capital and tech communities&comma; including <span class&equals;"xn-person">Shan Aggarwal<&sol;span>&comma; <span class&equals;"xn-person">Marc Andreessen<&sol;span>&comma; <span class&equals;"xn-person">Chris Dixon<&sol;span>&comma; Judith Elsea&comma;  Lux Capital&comma; <span class&equals;"xn-person">Mar Hershenson<&sol;span>&comma; <span class&equals;"xn-person">Haseeb Qureshi<&sol;span> from Dragonfly Capital&comma; <span class&equals;"xn-person">Dan Romero<&sol;span>&comma; <span class&equals;"xn-person">Semil Shah<&sol;span>&comma; <span class&equals;"xn-person">Amy Wu<&sol;span> from FTX Ventures and <span class&equals;"xn-person">Bilal Zuberi<&sol;span>&comma; among others&period;<&sol;p>&NewLine;<p>&&num;8220&semi;There are many funds starting up in the crypto&sol;web3 space&comma; but Anand&&num;8217&semi;s initiative stands out&comma;&&num;8221&semi; said <span class&equals;"xn-person">Mar Hershenson<&sol;span>&comma; Founding Managing Partner of Pear&period; &&num;8220&semi;He has a strong track record of building and scaling companies&comma; having worked as an operator and tech founder at companies such as Trusted and Microsoft&period; He also has extensive expertise in what it will take to mature the web3 developer stack&period; This&comma; in addition to his commitment to supporting founders based on highly specialized expertise&comma; make investing in Canonical Crypto a win-win&period;&&num;8221&semi;<&sol;p>&NewLine;<p>The geographic-agnostic firm expects to make 40 to 50 investments in its first fund&comma; writing checks that range in size from <span class&equals;"xn-money">&dollar;250&comma;000<&sol;span> to <span class&equals;"xn-money">&dollar;500&comma;000<&sol;span>&comma; primarily focused on pre-seed and seed stage companies&period; Canonical Crypto will take a very active role in the journey for developers moving from web2 to web3&period;<&sol;p>&NewLine;