(Auckland, New Zealand) > Global From Day 1 (GD1) announced New Zealand’s first dedicated web3/Crypto targeted venture capital funds. The $5 million fund, “GD1 Crypto Fund 1”, will be led internally by renowned cryptocurrency and web3 expert Nawaz Ahmed as General Partner. Focused on investing in the next generation of entrepreneurs and web3/Crypto projects around the world, the fund has already warehoused two deals that will see GD1 invest in companies that include venture capital giants Andreessen Horowitz, True Ventures and Kleiner Perkins as investors.
The first close has been set for June and is expected to be oversubscribed, with early engagement from international sponsors whose past investments include Coinbase, Reddit, Patreon, Yat, Anchor and Artblocks. GD1 Crypto Fund 1 is separate from GD1 Fund 3, which had a successful first close and anticipates an oversubscribed final close in August.
“One of our goals at GD1 has always been to branch out into new areas of interest and continually expand our knowledge base by bringing in people with diverse and interesting backgrounds. We are therefore delighted to have Nawaz join the team. “GD1 team to help us lead our web3/Crypto strategy. Nawaz’s work gives GD1 an important vehicle to test our preliminary thesis around the concept of permissionless innovation on which Web3 is built, and we are excited to begin to lay the foundations of our investment strategy in this area”, explains Vignesh Kumar, Co-Managing Partner at GD1.
Currently in New Zealand, web3 and Crypto startups are largely backed by offshore investments. Currently, local venture capital firms offer investors very few global Web3/Crypto investment options and the deep relationship benefits that come with co-investing with some of the world’s biggest players.
“In the past, the best New Zealand companies in this sector have easily been able to raise funds globally and have not needed to rely on local investment. This is a missed opportunity for New Zealand-based funds and we would like to be the first to explore it,” says Nawaz.
The fund will invest in pre-seed to Series A companies across Decentralized Finance (DeFi), Decentralized Autonomous Organizations (DAOs), NFTs, Web3 and Crypto infrastructure, as well as tangential sectors.
Investment in internal expertise
Nawaz is a seasoned angel investor who is well known for his work on the first New Zealand dollar stablecoin, Techemynt. With extensive web3 and crypto experience, he has worked with international crypto advisory firms, including Faculty Group and Genesis Block, building and advising on new projects and invested angel investors alongside tech companies. leading venture capital. He also hosts a podcast called The Curious VC which provides the local startup community with the experience and insights of leading investors and entrepreneurs around the world.
“Like the founders we invest in, we follow the people we’d love to work with and we’ve been blown away by Nawaz and his commitment to ‘learning by doing’ in the web3 space since our paths first crossed. in 2019. Its strong angel investment track record, stellar global networks and empathetic approach to business building have meant that the time has come for GD1 to launch a new venture capital offering and secure the good internal capacity needed to confidently execute our Web3 ambitions Bringing in someone with Nawaz’s level of experience and expertise gives us the opportunity to do an exceptional job of deploying the capital raised in the best talent and local and global projects in this space,” adds Vignesh.
The reference to support web3/Crypto projects
GD1 is seizing a significant opportunity to invest in incredible companies that are designing, shaping and building the future of the internet. “Furthermore, GD1 understands that being good at early-stage technology investing is highly dependent on building genuine relationships and meeting great people doing great things. I look forward to putting this approach into action as we seek to become the go-to choice for web3/Crypto funding in New Zealand and beyond, and most importantly – I look forward to executing it with a truly global mandate for investment opportunities,” Nawaz said.
“GD1 is well known for supporting founders and companies with the capital, network and expertise they need to achieve their ‘Global from Day 1’ ambitions. Ideally promising companies from the Web3 and Crypto space will come to GD1 for support first in the future,” he concludes.
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