Gate Ventures, Movement Labs, and Boon Ventures Launch $20M Fund to Accelerate Web3 Innovation
SAN FRANCISCO, Oct. 13, 2024 /PRNewswire/ -- Gate Ventures, a global venture capital firm specializing in blockchain; Movement Labs, a leader in Move-based blockchain technology; and Boon Ventures, a prominent investor in emerging tech startups, today announced the establishment of a groundbreaking $20 million fund designed to transform the Web3 space. This strategic alliance will invest in cutting-edge projects and accelerate the development of Move-based blockchain technologies.
The fund will concentrate on four key areas:
- Accelerating the adoption of Move-based blockchain solutions
- Enhancing security and performance in decentralized networks
- Supporting projects that bridge Move and EVM ecosystems
- Driving innovation in Web3 infrastructure and applications
"This $20 million fund marks a significant milestone in our mission to drive forward-thinking solutions in the Web3 ecosystem," said Kevin Yang, Managing Partner at Gate Ventures. "By collaborating with Movement Labs and other visionary projects, we're paving the way for the future of decentralized technology."
Rushi Manche, Co-Founder of Movement Labs added, "This $20 million fund is a game-changer for the Move ecosystem. It's a powerful validation of what we're building at Movement Labs. Move's capabilities in security and scalability are setting new standards in Web3. This fund will specifically be used to support builders building the future of secure decentralized finance, fully on-chain gaming and consumer, as well as decentralized physical infrastructure efforts."
Teerus Boon-Long, CEO of Boon Ventures said, "This is the beginning of a great journey forward in the Web3 space. It's not aimed at short-term goals but at building a promising future for a decentralized society."
The partnership leverages the unique strengths of each entity:
- Gate Ventures brings extensive resources, a global network, and deep experience in Web3 investments, enabling strategic partnerships and growth opportunities.
- Movement Labs offers profound expertise in Move-based blockchain technology, infrastructure and ecosystem building.
- Boon Ventures has a successful track record of empowering innovative startups across multiple sectors through funding, mentorship, and strategic guidance.
To help achieve its goals, the fund will implement several key initiatives: