Payment company MoonPay establishes venture department MoonPay Ventures! Key investment in Web3 startups
Web3 infrastructure company MoonPay, which has hundreds of blockchain partners, announced the establishment of its venture capital arm, "MoonPay Ventures." By investing in and providing assistance to Web3 startups, the goal is to enable more people to enter the world of Web3.
1️⃣/ Today, we unveil MoonPay Ventures🎉! Our investment arm is committed to MoonPay’s mission – forging vital infrastructure for leading wallets, exchanges, and brands – all accelerating Web3 adoption 🥳 pic.twitter.com/DcDevCLLdw
— MoonPay 🟣 (@moonpay) August 29, 2023
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MoonPay Launches Venture Arm "MoonPay Ventures"
According to a recent announcement on Twitter, MoonPay revealed last night on the 29th the establishment of its venture arm, "MoonPay Ventures," dedicated to supporting outstanding participants in the ecosystem to achieve the goal of widespread adoption of Web3.
This venture organization falls under MoonPay's corporate development team, led by Vice President of Corporate Development and Investments, Abhay Mavalankar.
Investment Focus of MoonPay Ventures
As reported by TechCrunch, MoonPay Ventures will focus on early-stage startups in the web3, gaming, and Fintech sectors, targeting seed and Series A investments ranging from $100,000 to $1 million per company.
Abhay Mavalankar added that MoonPay does not have a specific allocation of funds for this venture arm, and the team will invest from its balance sheet, with a clear emphasis on commercial return on investment.
In terms of investment philosophy, MoonPay will prioritize the team, as when a good idea emerges, there might be dozens of teams heading in the same direction, and MoonPay aims to identify the teams capable of executing these ideas.
Moreover, MoonPay will accelerate the adoption of its invested startups through scaling, distribution, and shortening sales cycles, with about 80-90% of investments being related to commercial relationships.