TechFlow news — Mask Network has announced the launch of its venture fund, Bonfire Union, with an initial size of $42 million, backed by global investors including Digital Currency Group, Alameda Research, Binance, Animoca Brands, Dapper Labs, Protocol Labs, Arweave, FreeS, Y2Z, HashKey, Hash Global, SevenX, IOSG Ventures, SNZ, and Fundamental Labs. Additional investors include former and current executives from top Web3 companies and projects such as Coinbase, Gitcoin, and DeBank — a significant portion of Mask Network’s own investors have become LPs in Bonfire Union. Mask Network will also continue to allocate substantial capital into the fund through corporate funds and employee co-investment. The independent investor base for the Bonfire ecosystem fund includes numerous former or current executives/partners across various industries, including leading U.S.-dollar-denominated venture capital firms (such as Qiming Venture Partners), major financial institutions (such as Silicon Valley Bank and Fosun Group), and leading internet companies, who are participating primarily through personal or family office investments.
Bonfire Union plans to invest in the Web3 "social ecosystem," building interdependent relationships with startups developing social services, infrastructure, and games for Web3.
