Switzerland-based non-profit supporting the NEAR protocol’s governance and development, NEAR foundation, joined forces with VC firm Caerus Ventures. Together, the partners launched a USD 100 million VC fund and venture lab on September 12, 2022.
Purpose of fund launched by NEAR Foundation
The recent fund introduced by the partners intends to focus on Web3 Entertainment and Culture. The fund will have an initial closing of USD 50 million. However, it targets USD 100M for investment opportunities in the seed to series A companies.
On the other hand, the Venture Lab aims to attract Web3’s leading engineers, developers, and venture builders. The professionals seek to create category-defining products around iconic talent and IP. Moreover, it also offers cross-functional support to portfolio projects.
What the NEAR Foundation official has to say
Marieke Flament, CEO of the NEAR Foundation, says, “Our cultural passions for live sport, film or music have historically been leveraged to on-ramp billions of consumers to new technologies. The creators, talent, and franchises with reach and influence spearheaded that growth. It will now drive the adoption of blockchain at scale. But this time, they and their fans will have greater access to the value created.”
Flament further added, “We’re backing Caerus because they have a uniquely differentiated proposition and robust investment thesis predicated on the tokenization of entertainment and decentralization of rights and licensing. In this new economy, we believe that new incentive structures, native business, and funding models will empower creators with more control of what they produce and the rewards that come.”
What the Caerus Ventures official has to say
Nathan Pillai, the founder at Caerus Ventures, said, We’re yet to imagine many use cases for how Web3 technologies will change how culture is experienced, entertainment is consumed, and value is distributed. And that was the genesis of Caerus: to be a catalyst for innovation that unleashes projects in sport, music, film, TV, fashion, art and gaming which offer more significant equity for all.”
Pillai further continued, “I’ve been hugely impressed by NEAR’s value proposition for developers and users, but more importantly, their mission to empower creators and consumers of culture with more control over their assets. So we’re creating this partnership to help revolutionize the existing multi-layered entertainment ecosystems, growing the market size while promoting greater equity.”
About Caerus Ventures
IMG/Endeavor executive Nathan Pillai founded the venture capital firm in 2022. Caerus intends to back projects that place creators, talent, IP owners, and the highly engaged communities they serve at the heart of these new enterprises. NEAR Foundation supports the newly launched venture capital company.
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