Called “IDEO CoLab Crypto Fund II LP,” the new fund has a total offering amount of $100 million. The application was filed by IDEO CoLab managing director Joe Gerber.
The SEC filing follows IDEO CoLab’s announcement of a $21 million early-stage crypto fund from in October 2020. The new fund is backed by executives from major cryptocurrency players like Coinbase as well as companies like Twitter, Fortress, and IDEO itself. Other backers include major investors like Avanta Ventures, GS Group, Hanwha Asset Management, Fineqia, and others.
As previously announced, IDEO CoLab helped incubate over 30 crypto startups since making their first investment in 2018. Some of IDEO’s industry investments reportedly include digital asset trading platform FalconX and Handshake, a decentralized naming and certificate authority.
Taehong Huh, Managing Partner at GS Group’s GS Futures, said that IDEO Colab is perfectly positioned to lead the movement supporting industry collaboration between between investors, entrepreneurs, designers, policymakers, and corporations.
“We believe that the disruptive nature of blockchain technology is still underappreciated by the public, including corporations like ourselves, as it has not yet been translated into broadly desirable products or experiences,” he said.