Uniswap launches venture arm in Web3 push
Uniswap Labs, the team behind the Uniswap exchange protocol, has launched a venture arm to invest in Web3 initiatives.
Uniswap Labs Ventures said it will invest in teams at different stages of the development process from the Web3 ecosystem, a new generation of blockchain based internet applications. The venture arm will be led by Uniswap’s strategy lead Matteo Lebowitz alongside the firm’s chief operating officer, Mary Catherine Lader.
“At Uniswap Labs our goal is to unlock universal ownership and exchange for everyone, starting with bringing millions of people into the emerging web3 economy,” the company said in a statement.
Ahead of launching its venture capital outfit, Uniswap revealed it has already invested in a slew of popular DeFi protocols including MakerDAO, Aave and Compound.
Venture capital investors are increasingly pouring capital into the crypto space. Last year, $31.6bn of VC funding was allocated to crypto projects, more than the 10 previous years combined according to Pitchbook data.
Some of the largest funds have come from established players within the crypto space. US based investment fund Andreessen Horowitz plans to launch crypto funds worth $4.5bn, in January FTX unveiled a $2bn crypto VC fund and Crypto.com is growing its venture capital arm to $500m.
Uniswap has not yet disclosed how much funding will be allocated to its venture arm.
Read more: Blockchain firms boosted by wave of venture capital funding