Momentum Capital, a San Francisco-based crypto-native fund, has secured a large $10 million investment from Canada’s BM Fund. The company revealed that this influx of cash was obtained back in July of the current year in a press statement that was released on a Monday. The freshly acquired funds will be used to strengthen Momentum Capital’s workforce and support emerging Web3 enterprises. The main goal is to identify the next industry trailblazer, frequently referred to as the “Apple” of cryptocurrency.
The creator of BM Fund, Carmen, explained that the fund’s choice to support Momentum Capital during bear markets is due to the fund’s remarkable skill and performance record. “Our decision to invest in Momentum Capital during bear markets highlights their unmatched proficiency,” said Carmen.
A Web3-Focused Horizon
Momentum Capital has emphasized that it is ready to focus on Web3 chances going ahead, in line with the upcoming stage of the crypto market cycle. The company is dedicated to supporting and funding Web3 initiatives with inherent value. It is vital to note that Momentum Capital functions as the direct investment branch of a single family office. Gary, the Managing Partner at Momentum Capital, stated, “Momentum Capital remains devoted to investing in and nurturing Web3 projects of intrinsic value.”
A Transformative Journey
Momentum Capital, which was founded in 2002 with a focus on mid-market private equity investments, has now developed into a versatile investment company that looks at possibilities in the financial, real estate, venture capital, and private equity sectors.
Investors are rekindling their enthusiasm for cryptocurrency businesses as Momentum Capital’s most recent investment success plays out. Flashbots, a provider of Ethereum infrastructure, recently closed a $60 million Series B funding round, led by San Francisco’s top digital investment firm, Paradigm.
In a similar vein, Futureverse, a firm at the nexus of gaming and cryptocurrency technologies, secured an impressive $54 million in Series A funding. The startup’s push into the metaverse will be strengthened by this financial boost, which is being spearheaded by venture capital firm 10T Holdings and includes involvement from Ripple Labs, the creator of the XRP Ledger.
This renewed enthusiasm for collecting money for cryptocurrency projects follows a slow period for venture capital projects in the space. The founder of Mysten Labs, Evan Cheng, noted in an interview earlier this year that the recent increase in funding for AI businesses has slightly slowed the flow of capital to the cryptocurrency industry.
According to Cheng, a sizable chunk of venture capital funding that was formerly allocated for cryptocurrency projects is now going to firms focused on artificial intelligence. Cheng recognized that despite the recent decline in the value of the crypto industry, early-stage crypto businesses can still find finance. Contrarily, obtaining late-stage finance for businesses has become more difficult, with only the best able to secure funding.
