Animoca proposes to set up ApeCoin Ventures to provide $10 million investment fund for early-stage Web3 projects

According to BlockBeats, on May 2, Animoca Ventures, the early venture capital arm of Animoca Brands, proposed the establishment of ApeCoin Ventures at the ApeCoin DAO community forum. According to the proposal, ApeCoin DAO will invest $5 million in APE tokens, and Animoca Ventures will provide $5 million in fiat currency for a 1:1 match, jointly establishing an investment fund with a total size of $10 million. The fund will focus on investing in early Web3 projects in the seed and Series A stages, giving priority to projects that can integrate APE tokens into their ecosystems. After the investment is successfully exited, 50% of the token proceeds will be returned to ApeCoin DAO, and the plan or option is to redeem the profits back to APE. ApeCoin Ventures will charge a 1% management fee for project review, due diligence, ecological support, cooperative promotion and other operational work. Animoca Ventures said that with its expertise in venture capital and the vitality and influence of the community, ApeCoin Ventures will be committed to increasing the utility and adoption of APE tokens, introducing high-quality projects with synergies to the ApeCoin ecosystem, and promoting the long-term value growth of the ecosystem. Animoca Brands has previously successfully invested in many star projects including Yuga Labs, The Sandbox, Axie Infinity, etc. The proposal is expected to support up to 80 Web3 projects in the seed/A round, with a single investment of between $100,000 and $250,000. If the funds are not fully deployed within two years, the remaining APE tokens will be refunded.