North Island Ventures to Invest $125m in 30 to 40 Emerging Crypto Firms

North Island Ventures said in a statement that it is launching a new $125 million investment fund to execute 30 to 40 early-stage investments in emerging crypto and Web3 companies and protocols.

The crypto-focused investment firm added that initial investments would range from $250,000 and $3 million.

"We launched NIV in 2020 based on our belief that crypto is the next great enabling technology," said co-founder and managing partner at North Island Ventures Travis Scher. 

North Island Ventures said that NIV Fund II is their second new investment vehicle within the past year. Currently, the company has about $300 million in total assets under management.

"The industry has advanced tremendously since then, but we believe the real potential of this technology has barely been realized," Scher said.

According to the company's investment portfolio, companies include bug bounty platform Immunefi, blockchain interoperability protocol Axelar and BCB Group.

"We've entered a multichain world, and have a strong thesis that the end-state of crypto is as an invisible, interoperable network-of-networks, where both users and developers don't have to think about the underlying blockchain their assets and apps live on," Scher said.

In 2021, North Island launched a $72 million crypto fund. The participants included billionaires Paul Tudor Jones, recording artist and producer LL Cool J and SoFi CEO Anthony Noto, among others.

"NIV Fund II empowers us to continue partnering with extraordinary entrepreneurs aiming to build transcendent businesses," said co-founder and managing partner James Hutchins.