Luno Launches Venture Fund to Invest in Over 200 Crypto and Fintech Startups per Year – Luno, a cryptocurrency exchange, has announced the launch of Luno Expeditions, an investment arm with the goal of investing in crypto, fintech, and Web3 firms throughout the world.
Starting with Series A, the investment arm will focus on digital assets and later-stage enterprises.
Luno, one of Africa’s first cryptocurrency exchanges, recently announced the formation of an early-stage investment arm with the goal of supporting cryptocurrency, fintech, and Web3 firms. According to a report, the investment arm, known as Luno Expeditions, is intended to fund between 200 and 300 businesses each year.
According to Techcrunch, CEO Jocelyn Cheng will lead the all-female Luno Expeditions team of five. According to the news, the new venture capital firm’s Investment Committee would include Marcus Swanepoel, the CEO of Luno, and Barry Silbert, the founder and CEO of Digital Currency Group (DCG).
Cheng, who has previously worked at Bain Capital, CPP Investments, and Goldman Sachs, is described in the report as distinguishing the new venture’s position from that of DCG.
“Luno Expeditions will concentrate on the group’s early-stage equity and convertible round investments,” Cheng explained. She also stated that the venture capital firm will continue to invest in crypto assets as well as later-stage firms, beginning with Series A.
Luno Launches Venture Fund to Invest in Over 200 Crypto and Fintech Startups per Year – According to the CEO, there are now “relatively few really global and very early-stage fintech funds” in operation, indicating that there is a chance to create one. She also mentioned that some fintechs and cryptocurrency have a lot in common.
Nonetheless, Cheng believes that infrastructure must be created, saying:
There is still much to be done in terms of constructing the infrastructure that crypto will rely on. As a result, our goal is to assist this larger ecosystem.
So, in practice, this implies that we will invest in fintech companies that we believe fit that long-term thesis, rather than just any fintech company.
Meanwhile, according to the article, Luno Expeditions will invest $50,000 to $250,000 in each firm, resulting in total funding of $15 million to $75 million per year.