Blockchain innovator ConsenSys is launching a $50 million venture capital fund — ConsenSys Ventures, The Cointelegraph reports.
The new venture capital arm is looking to get started with investing the initial $50 mln corpus in Ethereum (ETH/USD) startups at the typical Seed stage with investments between $250,000 and $1 mln, and the company intends to raise more capital eventually.
ConsenSys Ventures has selected a well-known social impact expert Kavita Gupta to oversee the venture arm "due to her broad and pioneering background.”
"I believe resolutely in the 100-year mission of blockchain: to completely change the way society functions through decentralised technologies. I am beyond excited to start providing venture capital financing to companies that further this mission,“ Gupta said.
Kavita Gupta, a native of India, is a 2015 recipient of the U.N. Social Finance Innovator Award.
In addition to working at the World Bank, where she headed the organization's youth innovation fund, she has more than 10 years of experience in impact investment across a variety of companies, including McKinsey, HSBC (NYSE: HSBC) and International Finance Corp.