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Copenhagen-headquartered Heartcore Capital has unveiled a move in the realm of cryptocurrency investment by announcing the initial closing of their dedicated Web3 fund, Heartcore Capital Web3 I. The fund, tailored specifically for crypto-native protocols and their native tokens, is designed with a sharp focus on the application layer within the Web3 ecosystem. The initial closing has seen a staggering €15M in commitments, marking an exciting milestone for the venture.
The rationale behind the creation of a specialized Web3 fund stems from Heartcore Capital’s belief that the ongoing shift towards protocols mirrors the revolutionary evolution witnessed in software over the past three decades. This strategic move anticipates protocols to disrupt various sectors of the economy, akin to the groundbreaking impact of earlier internet startups. Notably, Web3 protocols are now emerging as robust business entities, showcasing substantial revenue generation and accruing significant value. Their attributes, such as heightened capital efficiency and virality, set them apart from traditional startups.
The timing of the fund’s launch is pivotal. With the crypto market two years into a phase known as “crypto winter,” attention has diverted towards AI, making Web3 a contrarian yet promising investment opportunity once again. The exodus of uncommitted investors and founders has refined the signal-to-noise ratio, reinstating reasonable valuations and managing expectations. Additionally, a new wave of founders is leveraging an infrastructure that is finally ripe for wider adoption.
Heartcore Capital’s foray into the crypto investment sphere wasn’t happenstance; it was a carefully calculated move rooted in the team’s deep connection to the crypto landscape. The investment team, led by Yacine Ghalim, boasts a crypto-native background, with early investments in pioneering multi-billion dollar protocols like Ethereum, Cosmos, Polkadot, 0x, Stax, and Stargate. Angelo Panumaht Goepel and Yohan Pereira, seasoned crypto power-users and investors, bring a wealth of experience navigating multiple market cycles. Notably, 23-year-old Thor Hartvigsen H., with an impressive following of over 100k in the space, adds substantial influence to the team.
Heartcore Capital has already begun supporting founders in early private rounds, backing visionary projects such as Panoptic, Elusiv Association, LI.FI, Superform Labs, Rhinestone, and Metahood. The firm extends its appreciation to these pioneering teams for their trust and collaboration.
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