New York City’s Interplay is raising $10M for new blockchain fund – Meczyki.Net

We’ve launched several new Web3-focused venture funds over the past month, including large traditional VCs like Lightspeed and smaller, crypto-native firms like Valkyrie. Although crypto startups have had a hard time attracting capital, venture firms are taking money from investors, perhaps staking themselves to increase stake in startups for relatively cheap prices when market conditions worsen.

Now based in New York City Mutual actionwhich says it provides services to 15% of venture-backed companies in the US, launching It has its own dedicated blockchain fund that will invest in early stage startups, tokens, special situations and other strategies within Web3. The firm is aiming to raise $10 million and is currently in talks with investors, founder and managing partner Mark Peter Davis told Meczyki.Net in an exclusive interview.

Davis said Interplay’s current offerings include a venture capital arm with two early-stage funds, a foundry that helps build companies from scratch, an incubator to support existing companies, and a family office. He said the firm is launching Interplay Blockchain as a standalone vertical separate from the existing venture capital arm, which invests in seed to Series B companies in the tech sector.

According to Davis, this launch marks Interplay’s first dedicated foray into the Web3 space, but the venture capital arm participated in Coinbase’s Series A round and helped to incubate an insurance product for the crypto space.

“We’ve just continued to see random opportunities that don’t fit perfectly into our other programs, and we now have a program to engage with them,” Davis said of the firm’s crypto aspirations.

The firm is bringing on Brett Palatilo, a quantitative trader who most recently led systematic macro and equity research at Ridgewood Analytica, to co-lead the Interplay Blockchain Fund I with Davis and Interplay Partner Kevin Tung,

Palatilo said that within Web3, he is excited about blockchain interoperability as well as identity solutions as sub-areas of investment.

“If we look at the Internet as it is now, think of it as walking through a house that has some doors locked and you can open them. I imagine the metaverse as a fluid state of – Imagine swimming around the ocean where you carry your identity or information with you in a way that’s comfortable with you. So essentially, it’s just a wide open ecosystem where people can move around and build things one on top of the other. So I think identity is one of the things that needs to happen,” Palatiello said.

As for what makes Interplay’s fund stand out in the crowd of crypto venture funds, Palatillo emphasizes the team’s interdisciplinary background.

“I was a developer, and I was also very involved in the financial side of things, and I have a heavy background in economics.

“We [also] There are Kevin and Mark, who are very strategy oriented. One thing that is missing in this space is product and strategy-oriented people,” he said. “You have a lot of developers building very interesting technologies – it’s a matter of making those things consumer-facing and putting them into practice.”