The Avalanche Foundation has announced the launch of the Blizzard $200 million fund. According to a press release seen by iHodl, the fund is dedicated to accelerating development, growth, and innovation of the Avalanche ecosystem. The foundation says Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital and other participated in the funding.
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The fund will particularly focus on decentralized finance (DeFi), enterprise applications, non-fungible tokens (NFTs) and culture applications. The Avalanche Foundation says support for projects will not only include equity investments, but also token purchases, and various forms of business development and ecosystem integration support.
"Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche's position as the premiere home for projects and people pioneering the next era in our space," said Emin Gün Sirer, Director of the Avalanche Foundation.
The launch of the fund comes after the Avalanche Foundation raised $230 million in a funding round led by Polychain and Three Arrows Capital. The foundation also raised capital from R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and a group of angel investors and family offices.
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