Flow, a Vancouver-born Web3 platform powering games, apps and digital assets this week announced a $725 million Ecosystem Fund.
This new fund—the largest ecosystem backing of its kind—is designed to boost innovation and growth across the Flow community. It is backed by several investors including Andreessen Horowitz, Union Square Ventures, and Liberty City Ventures.
The open-source blockchain Flow is perhaps best known for its non-fungible token hit NBA Top Shot. The NFL and UFC have also participated.
“We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this Fund,” said Roham Gharegozlou, CEO of Dapper Labs, which created Flow. “With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer.”
With a focus on enabling more distributed Web3 opportunities to developers, participants will focus on providing support for gaming, infrastructure, and decentralized finance. The resources are expected to be used by developers for product development, product scaling, team expansion, and user acquisition.
“The Ecosystem Fund is an opportunity to power the next generation of developers across the global Flow community,” said Dan Rose, Chairman of Coatue Ventures, one fo the fund’s investors. “Coatue has already backed multiple companies building in the Flow ecosystem, including Dapper Labs, and we are excited to play an active role in enabling more Web3 opportunities.”
Last year, the Vancouver-based Dapper Labs raised $250 million at a $7 billion valuation.
“As web3 accelerates and sophisticated app developers search for the best platforms, Flow is perhaps the best decentralized blockchain built for the scale, security, and ease of use most modern startups need to succeed,” noted David Pakman, Managing Partner at CoinFund, another investor. “The Flow Ecosystem Fund will be a huge accelerator of innovation and growth on the platform.”