TechFlow news, according to The Block, Binance Labs, the venture capital arm of Binance, raised $500 million in 2022 for a Web3 fund named "Binance Labs Fund II," marking its first external capital.
However, according to sources familiar with the matter, a significant portion of contributions from external backers or limited partners (LPs) has been repaid during the summer; nearly half of the total $150 million invested by LPs into the Binance Labs fund has been returned. These funds had not yet been deployed into startup investments.
A Binance spokesperson declined to comment. It remains unclear why the venture arm repaid its LPs.
An LP who previously invested in the Binance Labs fund confirmed the news to TechFlow, stating they received their full investment back, settled at book value.
