TechFlow News — Web3 venture capital firm Red Beard Ventures has raised $25 million, with participation from Marc Andreessen and Chris Dixon of a16z, Animoca Brands, SuperRare, and others.
The new funding round aims to accelerate the adoption of Web3 technology and support the launch of Denarii Labs, a token economics accelerator program developed jointly with Horizen Labs Ventures. The program will focus on providing consulting services, weekly educational sessions, mentorship, and launch support for teams launching token-based projects. The accelerator is currently accepting its first applications and is set to begin in the third quarter of this year, with each selected company receiving $100,000 to build their brand.
Red Beard Ventures was founded in 2019 by Drew Austin, founder and managing partner, initially as a syndicate on startup accelerator AngelList. It has invested in 192 companies, including Dapper Labs (the creator of NBA Top Shot), metaverse platform The Sandbox, and data aggregator CryptoSlam, deploying over $40 million in capital. While the firm has achieved success in Web3, it also invests in projects related to space exploration, climate science, robotics, artificial intelligence, fintech, and biotechnology.
