A new $60 million fund named Oak Grove Ventures, which focuses on the convergence of Web3, artificial intelligence, and biotech, is being launched by alumni from some well-known names in the crypto and finance industries.
Along with Shawn Shi, co-founder of Alchemy Pay, Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, formerly of Libra, and Michael Li, formerly of Coinbase, the Singapore-based Oak Grove Ventures team includes several famous individuals.
“We realise that developing ground-breaking technology requires more than simply financial backing; it also requires creating a network of visionaries, trailblazers, and entrepreneurs who share our enthusiasm for innovation. Our goal with this fund is to generate money for the founders, which is both straightforward and meaningful”. In a recent statement, Sally Wang, the fund’s head of investments, said
The press announcement stated that Oak Grove Ventures, which once operated as a family firm, has a demonstrated history of making profitable early-stage investments, having backed over 30 ventures in the past. According to Oak Grove, its declared investment portfolio consists of 14 top-notch ventures, including SpaceX and Neuralink, across eight funds.
The launch comes after Blockchain Capital revealed that it had secured $580 million for two new funds specialising in cryptocurrency investments, with a sizable number of its investors being traditional institutions, despite a difficult year for the market for digital assets.