Following closely on the heels of Figment Inc.’s Series B fundraising announcement, we are excited to announce the launch of Figment VC. Figment VC will leverage Figment’s role as a leading infrastructure provider to invest in digital assets critical to the growth and expansion of the Web 3 ecosystem.
Figment Fund I, LP (the “Fund”) is the inaugural investment fund organized and managed by Figment VC. The venture capital fund has raised $17.5M to invest in early-stage Proof-of-Stake networks. Figment VC invests in founders that will make strong long-term partners and leverages its industry expertise to assist in scaling their networks. Figment’s reputation & experience across multiple blockchains provides founders with operational leverage and services over and above those typically provided by traditional venture capital funds. Such value-added services include enterprise-grade Proof of Stake infrastructure, access to external developer communities, and active participation in protocol and application governance.
Given Figment’s expertise and understanding of blockchain networks, our expansion into digital asset management is a natural progression in the life of our organization. We continue to find innovative ways to support networks that we believe will push the boundaries of innovation & growth of the Web 3 ecosystem.
To date, the Fund has made several investments in Proof-of-Stake protocols including Acala, Injective, Agoric, Persistence, Connext, and Qredo. The fund is also continuing to evaluate and source new investment opportunities through Figment’s extensive network of business partners, VC relationships, and valued Limited Partners.
Leading the investment in Figment Fund is anchor investor JPK Capital. JPK Capital has been an early supporter of Figment Inc. and has provided invaluable guidance and insight in setting up Figment’s new venture capital vertical.
“We are very excited to lead the funding round in Figment’s inaugural fund, following our recent investment in Figment Inc.’s Series B equity offering,” says Vassilis Stachtos, Senior Partner at JPK Capital in charge of cryptocurrency and digital asset investments. “Figment is uniquely positioned to leverage its operational prowess and cross-chain expertise to identify attractive, early-stage businesses in the industry. We look forward to partnering with Figment VC to invest in and support these businesses moving forward.”
“Figment continues to find new and innovative ways to support its network partners. The launch of Figment VC is yet another example of bringing our founders’ vision of building a better, more inclusive Internet to life. The team at Figment is uniquely positioned to provide value to protocols beginning on Day 0; the depth and breadth of expertise Figment offers founders of newly launched networks stands to differentiate itself from other investment funds and we view ourselves as an alternative to the existing VC fund model. We believe the organization’s ability to provide key infrastructure and make contributions that extend beyond capital investment will provide founders and their teams the necessary leverage to scale and build communities faster and more reliably. Our organization’s belief has always been to add value to projects that break down walls and to foster a collaborative environment that allows founders to fully realize their vision.” Jim Parillo, Fund Manager at Figment VC.
Figment’s purpose is to build a better Internet by increasing usage of the next generation of Proof of Stake blockchains.
These efficient blockchains give people greater control of their data, more privacy, and increase financial inclusion. By eliminating intermediaries they also limit the power of centralized data monopolies, rent seeking financial institutions and anti-social algorithms.
We bring our mission to reality by helping investors stake their tokens; earn yield and participate in securing the blockchain. Our Hubble and Prime applications as well as our governance expertise allow token holders to analyze, monitor and make informed decisions. We build Web 3 developer communities via our Learn education program and then make it simple for these developers to launch applications and manage smart contracts via our DataHub platform. And finally by building and operating The Graph based indexers we enable the efficient search and querying of blockchain data.
About JPK Capital
JPK Capital is a single-family office, founded and led by serial entrepreneur and investor Joe Poulin. Our investment strategy is motivated by sustainable change, technological innovation, and long-term vision. We build and operate our own ventures, grant access to capital and partner with forward-thinking entrepreneurs and companies that are fearlessly changing the world we live in. We invest in startups, scale ups and public companies, powering more than 80 teams around the world. We hold offices in Barbados, New York and Montreal.