Mysten Labs CEO Targeting $100M for Web3 Fund

Mysten Labs CEO Targeting $100M for Web3 Fund

Mysten Labs CEO and co-founder Evan Cheng is in the exploratory stages of raising $100 million for a VC fund focused on investments in web3, according to a report from The Block last week.

Why It Matters

Even though Mysten Labs' Sui hasn’t launched yet and is still in a testnet phase v2, it has generated significant interest from venture investors, raising $336 million since late 2021. 

Cheng is pitching the concept to potential general partners and limited partners, and the discussions are still in the preliminary stages. The crypto venture investing landscape is very different than it was in 2021, and the last few months have been fraught with both escalating regulatory scrutiny and significant macroeconomic headwinds.

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