Animoca Brands co-founded ApeCoin Ventures to create a $10 million fund with ApeCoin

Animoca Brands co-founder Yat Siu initiated a proposal related to "ApeCoin Ventures". The proposal shows that Animoca Ventures, the early venture capital arm of Animoca Brands, proposed to establish ApeCoin Ventures to combine Animoca Ventures' historical expertise with the strong influence of the community to expand the visibility and scale of ApeCoin's adoption and utility. In a 1:1 matching structure, the proposal proposes to deploy $5 million worth of APE from ApeCoin DAO and match it with Animoca Ventures' $5 million in fiat funds to create a $10 million combined fund. By jointly investing in early Web3 companies, both parties will promote and encourage the comprehensive utility and adoption of ApeCoin. Its investment strategy targets companies in the seed and Series A financing stages, giving priority to companies that can integrate ApeCoin into their ecosystems. After the investment is successfully exited, 50% of the token proceeds will be sent back to ApeCoin DAO, and it is planned to convert the profits back to ApeCoin (or as one of the options). The funds will be deployed over a 2-year period, and any remaining APE will be refunded if the funds are not deployed within the specified period. The fund plans to invest in 80 startups, with a target investment amount of between $100,000 and $250,000 in each company. A low management fee of 1% will be charged for project review, due diligence, ecosystem support, partner development, and other operational services provided by Animoca Ventures.