Alumni from some well-known names in crypto and fintech are starting a new $60 million fund called Oak Grove Ventures, which focuses on the intersection of Web3, artificial intelligence and biotech.

The Singapore-based Oak Grove Ventures’ team includes some notable figures including Sally Wang, formerly of Sino Global Capital (now Ryze Labs), Ethan Wang, former tech lead of Libra, Shawn Shi, co-founder of Alchemy Pay, as well as Michael Li, a former VP of Coinbase.

“We understand that the journey of building groundbreaking technologies is not just about capital; it's about fostering a community of visionaries, pioneers, and founders who share our passion for innovation. With this fund, our strategy is simple yet profound: to raise funds for the founders,” Sally Wang, the fund’s head of investments, said in a statement to CoinDesk.

Previously operating as a family office, Oak Grove Ventures has a proven track record of successful early-stage investments, having supported over 30 projects in the past, the press release said. Oak Grove says its disclosed investment portfolio includes eight funds and 14 high-quality projects, among them SpaceX and Neuralink.

The launch follows Blockchain Capital's announcement that it has raised $580 million for two new funds focused on crypto investments, with a significant portion of its investors being traditional institutions, despite a challenging year for the digital asset market.

Sino Global Capital Lightspeed Venture Partners Libra Alchemy Pay VC Venture Capital

Sam Reynolds

Sam Reynolds is a senior reporter based in Taipei. Sam was part of the CoinDesk team that won the 2023 Gerald Loeb award in the breaking news category for coverage of FTX's collapse. Prior to CoinDesk, he was a reporter with Blockworks and a semiconductor analyst with IDC.