The New York-based crypto-focused investment firm Reverie has launched Reverie Fund One, a $20 million venture capital fund that will invest in Web3 startups.
The launch of the new fund was announced on X on Thursday by Larry Sukernik, co-founder of Reverie, who promised that the launch would come with “no hype, no gimmicks.”
“Reverie is for founders who want to build amazing products and generational companies,” Sukernik wrote.
He added that the new fund has been set up to help startups in the Web3 world specifically with “things that move the needle,” including making introductions, iterating product, and building an ecosystem around crypto infrastructure.
A ‘crypto-native’ fund
The company also described its new venture fund in a blog post where it emphasized that it is “crypto-native and business-native,” and looking to help founders realize their visions.
In the post, Reverie explained that they believe the next generation of crypto founders will make “a complete 180” from earlier crypto founders who focused on “complicated mechanism design and convoluted products that have little to no users.”
“[…] we believe the next generation of crypto founders will care more about users, revenues, and profits — the basic ingredients that make every great company in the world,” the firm wrote.
Further, the post rejected the popular notion that speculation is the key to onboarding new people to crypto.
“We have to reject that premise — most founders in the world aren’t interested in building products for speculators,” the team wrote, while adding:
“Who wants to run an online casino for meme tokens when you can build a crypto product that can change the world?”