China-based blockchain investment firm Fenbushi Capital, in collaboration with Protocol Labs, has launched a new investment fund designed to drive the continued growth of applications under development on the world’s largest decentralized storage network, Filecoin, and its underlying protocol, a peer-to-peer (p2p) file sharing system, IPFS.
Called the Fenbushi Ecosystem Fund, the new investment fund is aiming to raise $15 million – 20 million and will target investment opportunities arising from the Slingshot storage application competition, the Filecoin Frontier Accelerator, the Tachyon Launchpad Accelerator, and many other incubators that are launching within the Filecoin ecosystem.
Upon raising the necessary capital, the Fenbushi Ecosystem Fund will close in Q1 of 2021 before commencing operations in collaboration with Protocol Labs, which will undertake a technical advisory role. Fenbushi itself has committed $1 million to the fund to further the development of applications within the Filecoin and IPFS ecosystems.
“Distributed storage technology has accelerated the new round of technological and industrial transformation of Web 3.0. With the cloud storage market set to grow from $32.72bn in 2019 to $106.71bn in 2024, consumer demands for advances in security, scalability, and affordability will inevitably grow alongside it,” said Colin Evran, Ecosystem Lead at Filecoin. “In China, leading companies are already embracing decentralized storage as an alternative to centralized, costly and less secure service providers, and Filecoin is quickly becoming the ecosystem of choice. We are thrilled to see Fenbushi Capital expanding its support globally beyond the thriving Chinese Filecoin ecosystem and driving world-class innovation.”
Fenbushi Capital, which will be responsible for all aspects of financial management relating to the fund, said that the fund has a 2% per annum management fee and charges 20% interest while the terms are 5 years. Investment from Fenbushi will include both token and equity investments worldwide and the fund will not be limited to any specific jurisdictions.
“As the first and most active blockchain-focused venture capital firm in Asia, building on our existing relationship with Filecoin, having participated as an early investor, and launching this fund together to drive the growth and development of the Web3 ecosystem is a privilege,” said Roland Sun, General Counsel of Fenbushi Capital. “Fenbushi has already been active in helping Chinese miners deploy their mining capabilities by providing them with FIL to stake. Now, we are excited to leverage our deep roots in the crypto space and the Filecoin community in China to assist in the development of some really exciting use cases that will change the face of data storage as we know it.”
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