According to a filing with the US Securities and Exchange Commission, Web3 developer platform Alchemy is raising $12 million for a venture capital fund. It’s unclear what the funds will be used for, but Alchemy has a track record of investing through its venture capital arm and a separate grants program.
Alchemy’s intentions with the new venture capital fund is still unclear
The Alchemy SPV III fund has yet to begin raising funds. The fund’s purpose was not specified in the form, which was filed on September 9. The fund’s executive officer is Alchemy co-founder and CTO Joseph Lau.
Alchemy has made Web3 investments in the past through its venture capital arm and a separate grants program. Last December, the firm established a venture capital arm to invest in large crypto companies such as OpenSea and Dapper Labs. In June, the company raised $25 million to fund a grant program for startups and developers working in the decentralized finance (DeFi) or non-fungible token (NFT) space.
The company turned down requests for comment.