The funding saw participation from some of the industry’s top players, including Fabric Ventures, Coatue Ventures, a16z, AppWorks, Cadenza Ventures, and Dapper Ventures.
“We are thrilled to see such a strong vote of confidence in the Flow ecosystem from some of the world’s leading investors in Web3 through their commitment to this Fund. With their active participation and support, the Ecosystem Fund has the opportunity to become a real game-changer for the 7500+ strong and fast-growing developer community in the Flow ecosystem,” said Roham Gharegozlou, CEO of Dapper Labs.
Flow Community Development Plans
The Web3 platform noted that the funding is the largest joint venture ever made towards any blockchain ecosystem in the past.
The new funding will offer its existing and future developers all-round support, including accelerators and incubators. It will also provide opportunities for developers to build their applications on the Flow protocol through investments, grants, and in-built support.
As a Web3 company focused on games and other digital assets, the new resources will allow participants to focus on the areas of gaming, infrastructure, decentralized finance as well as content and creators.
Developers will also use these resources to expand both their teams and products, including user acquisition and general operational expenses.
Aside from the financial support, the 7500+ developers on the Flow ecosystem will also benefit from the company’s expertise through educational events and conferences.
Blockchain Projects Continue to Receive Support
In recent times, many venture capital firms have been deploying funds towards the growth of the ecosystem. The industry has continued to receive support from both institutional and retail investors despite current bearish trends in the market.
In March, leading blockchain service provider BlockchainCom reached a $14 billion valuation after a Series B funding round.
In April, blockchain company 0x Labs raised $70 million in a Series B funding led by Greylock Partners.
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