Paper Ventures has launched as a new blockchain venture capital firm with an initial $25M fund.
The vehicle received support from traditional hedge funds, family offices, exchanges, founders and other HNW crypto OGs.
The new fund will make investments in early stage web3 and blockchain projects.
Founded by Danish Chaudhry, Oliver Blakey and Ivailo Jordanov, who have vast experience of web3 investment from a venture capital perspective, Paper Ventures will also nurture the projects they identify. Drawing upon their industry experience and network, Paper Ventures partners will give portfolio projects the resources and connections to succeed.
The fund’s three founders have operated in the space since as early as 2010. During this time, they have experienced multiple market cycles while providing early funding for projects that are now dominant within their respective sectors. These include Frax Finance, SEI, Polygon, Injective, Polkadot, Moonbeam and Cosmos. They also have experience of funding GameFi projects such as Merit Circle/Beam, Illuvium, and YGG.
Oliver Blakey is a former poker pro whose skills in game theory have been brought to bear in helping founders prepare to launch native tokens. He was co-founder and managing partner at Ascensive Assets, which grew to over $1B in AUM during his tenure.
Chaudhry has a background in traditional finance, including a spell at Ernst & Young where he was involved in many of the largest transactions during the financial crisis. He then joined BlackRock in their Equities team and was also responsible for building out the analytics and risk models within Aladdin. He went on to found and launch FMFW.io (previously the Bitcoin.com Exchange), rapidly growing it to 1.5 million users. Ivailo Jordanov is a successful entrepreneur and founding member of Altitude.fi and Deadalus Collective.
The fund’s first investment was Renzo.
Their LinkedIn profile show the firm is based in London, UK.