Sino Global, Coinbase and Libra Alums Start $60 Million Web3 Fund

Alumni from some well-known names in crypto and fintech are starting a new $60 million fund called Oak Grove Ventures, which focuses on the intersection of Web3, artificial intelligence and biotech.

The Singapore-based Oak Grove Ventures’ team includes some notable figures including Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, as well as Michael Li, a former VP of Coinbase.

“We understand that the journey of building groundbreaking technologies is not just about capital; it’s about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders,” Sally Wang, the fund’s head of investments, said in a statement to CoinDesk.

Previously operating as a family office, Oak Grove Ventures has a proven track record of successful early-stage investments, having supported over 30 projects in the past, the press release said. Oak Grove says its disclosed investment portfolio includes eight funds and 14 high-quality projects, among them SpaceX and Neuralink.

The launch follows Blockchain Capital’s announcement that it has raised $580 million for two new funds focused on crypto investments, with a significant portion of its investors being traditional institutions, despite a challenging year for the digital asset market.