The venture capital and incubation arm of Binance, Binance Labs, successfully closed a $500M Investment Fund for boosting the development of Blockchain, Web 3 and value-building technologies.
The funding round saw participation from several leading global institutional investors such as DST Global Partners and Breyer Capital. Several other private equity funds, corporations and family offices also participated in the fund investment.
According to the reports, Binance Labs will use these funds to invest in potential rich projects in the crypto ecosystem and drive the adoption of Web 3 and blockchain technology.
Changpeng Zhao, the founder and CEO of Binance, said,
“In a Web3 environment, the connection between values, people, and economies is essential, and if these three elements come together to build an ecosystem, that will accelerate the mass adoption of the blockchain technology and crypto. The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.”
Binance Labs Progress
Since its launch in 2018, Binance Labs have invested in and incubated over 100 projects in 25 countries. The portfolio of the VC includes leading projects such as 1inch, Audius, Axie Infinity, Dune Analytics, Elrond, Injective, Polygon, Optimism, The Sandbox, and STEPN.
Binance Labs invests in three different avenues. Binance Labs incubates projects to connect projects with Binance’s plethora of resources and help them develop according to the latest market trends.
The project also performs early-stage venture investments in tokens and equity investments across various sectors of cryptocurrency and Web 3.
Moreover, Binance Labs in existing projects as late-stage growth investments to target mature companies that are looking to scale their operations with the Binance ecosystem as their strategic partner.
The recent accrued investments will be used to invest in all three stages and help existing and new projects with the resources and funds they require for boosting Web 3 and crypto adoption.