Heartcore Capital Raises $16.3M for Web3 Fund Focused on Application Layer Protocols

05/12/2023 17:08

According to Blockworks, Denmark-based venture capital firm Heartcore Capital has raised €15 million ($16.3 million) for its first Web3 fund, focusing on investing in application layer protocols within the crypto segment. The firm believes that on-chain protocols are the next stage of the software revolution and will progressively disrupt parts of the economy. Heartcore partner Yacone Ghalim noted that market cycles, such as the recent bear market, have historically offered ideal entry points for investment in the crypto space. Ghalim argued that it is increasingly possible to create Web3 user experiences on par with Web2 products, citing the ability for layer-1s and layer-2s to process thousands of transactions per second. Currently, the infrastructure layer holds 98% of the industry's $1.6 trillion market cap. Heartcore believes that application layer protocols, from DeFi to gaming, are positioned to be winners in their respective categories. Founded in 2007, Heartcore has invested in more than 100 Web2 companies and has ventured into the Web3 space in recent years, backing teams at companies such as Panoptic, Elusiv, Li.Fi, Superform, Rhinestone, and MakerDAO. The firm has also made private investments in Ethereum, Polkadot, and Cosmos. Despite its shift towards Web3, Heartcore maintains its commitment to Web2 technologies and intends to continue investing in this area through its other vehicles.

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