Swiss nonprofit, the NEAR Foundation has launched a $100 million Venture Capital fund and venture lab for web3, according to the announcement on Monday.
The NEAR Foundation, which supports the governance and development of the NEAR protocol, will partner with Caerus Ventures, a newly launched investment firm.
The VC fund will have an initial closing of $50 million. It will aim to bring in $100 million in a Series A funding round.
The venture lab will be Caerus’ first investment and will focus on attracting creators, talent, and franchise owners to build the next generation of web3 platforms and applications.
Marieke Flament, CEO of the NEAR Foundation said: “The lab will provide cross-functional support for portfolio projects and will be supported by advisory partners to be announced later this year.
Caerus was founded by Nathan Pillai, CEO for the past 5 years of IMG/Endeavour, which leads M&A and venture development of entertainment properties, including Larry Ellison’s SailGP.
Pillai said in a press release that he hopes the company will “be a catalyst for innovation, ushering in a new generation of platforms, apps, and services across the fields of sports, music, film, television, fashion, art and gaming, bringing greater equity to talent and consumers alike. ”
