Asylum Ventures Launches $55M Fund for Startup Artists

Asylum Ventures, a new venture capital firm based in New York City, has introduced a $55 million fund aimed at nurturing inception-stage startups. The firm plans to invest between $1 million and $2 million in pre-seed and seed-stage companies.

Founders Behind the Initiative

The driving forces behind Asylum Ventures are Nick Chirls, the founder of Notation Capital and an early backer of companies like Livepeer and Solana, along with Jon Wu, a former growth leader at Aztec Networks.

Generalist Approach to Investment

Located in Brooklyn, Asylum Ventures takes a generalist approach in terms of geography and investment scope. Wu stated, “We are generalists, but we believe the best investments are in markets/categories that no one cares about (yet).” The firm seeks to identify categories that will gain traction in the next 5 to 10 years.

Focus on Undervalued Startups

The fund specifically targets early-stage projects that may struggle to secure funding due to current market conditions. Asylum Ventures is open to founders and startups whose initiatives might not be deemed "venture fundable" by other investors.

A Message to Startup Founders

In a blog post, Chirls emphasized a philosophy centered on the "art" of venture capital rather than the traditional business of banking. He expressed his belief that the best early-stage founders are akin to artists, driven by a passion for innovation and often misunderstood. He stated, “Founders are artists, not assets.”

Additional Funding Highlights

This edition of Cointelegraph’s VC Roundup also highlights several other startups that secured funding recently:

Puffpaw Secures $6 Million in Seed Funding

Puffpaw, a decentralized Physical Infrastructure Network (DePIN) platform, raised $6 million in a seed round led by Lemniscap. The platform promotes a “vape to quit smoking & earn” model, utilizing blockchain technology to track users' smoking habits.

Permissionless Labs Raises $10 Million in Series A

Permissionless Labs, creators of Pipe Network, has raised $10 million in a Series A funding round led by Multicoin Capital. The funds will enhance their decentralized content delivery network built on the Solana blockchain.

Infinit Raises $6 Million for DeFi Infrastructure

Infinit, a decentralized finance abstraction layer, secured $6 million in funding from Electric Capital and others. The startup supports 12 DeFi DApps and plans to expand to new blockchain networks.

DRiP Raises $8 Million for Creator Engagement

DRiP, a platform for creator engagement on Solana, raised $8 million to launch its mobile app and improve tools for creators. The platform allows creators to send exclusive content to subscribers.

IN1 Secures $6 Million for Fiat-Crypto Management

Fintech startup IN1 raised $6 million to integrate fiat accounts and crypto wallets into a single card. The funding will aid in product development and expansion into European and MENA markets.

DeFi.Gold Raises $2.22 Million for Bitcoin DeFi Hub

DeFi.Gold, a decentralized finance platform on the Bitcoin blockchain, secured $2.22 million to develop a decentralized exchange and NFT marketplace powered by the Lightning Network.

This summary encapsulates the recent developments in venture capital funding, showcasing the innovative projects and the ethos of Asylum Ventures in supporting the next generation of startup artists.