back to all posts

Announcing Cherry Crypto I

Today we’re excited to announce the launch of Cherry Crypto I, a 30m EUR crypto/web3 investment fund. Cherry Crypto is a first-check fund dedicated to supporting entrepreneurs from the beginnings of their journey into web3.

Cherry Crypto is built on the premise that web3 is a new computing platform upon which all industries will eventually build on. What began through Bitcoin as a technology to disrupt money has moved to disrupt the entire category of financial services (DeFi), enabled true ownership of digital media (NFTs), and created an emerging category of gaming experiences (with built-in ownership and earning mechanisms). We’re excited to see where entrepreneurs take web3 next as it continues to percolate across industries.

Cherry Crypto operates on the following pillars:

1. We are stage focused

Building at the earliest stages is part of our DNA. Each of us have either built or led investments into projects from the ground up over the last several years. Taking a delicate idea and helping shape it into something robust and enduring is our passion.

2. We will build a concentrated portfolio

The fund will only invest in ~30 companies and projects. Our strategy is to work closely with teams from the beginning and support them throughout their journey. Whether it’s working with a team from their initial concept to fully decentralised network or a company from incorporation through to IPO, we are here for the long haul.

3. We are geography agnostic

People from anywhere and with any background can access web3-enabled products and services through only a computing device and Internet connection. We see this reflected in the distributed nature of teams and individual contributors building in the ecosystem. The question investors typically ask founders in the first conversation - “where are you based?” - has become irrelevant. Web3 is global and so is our investing approach.

4. We invest in decentralised networks and companies

We are excited by the opportunities offered both by tokens in coordinating large decentralised networks of value as well as the centralised companies aiming to offer access points for the next billion users.

The fund consists of a web3-focused team spanning investments, research, and portfolio support functions. True to web3’s interdisciplinary nature, the broader Cherry team will play an active role in contributing to the fund’s dealflow and portfolio support.

We have been active ecosystem participants over the past year and are fortunate to already count projects such as Lido, Radicle, Morpho, Blackpool, Brahma, Unlock and CoW Protocol in the fund’s portfolio. We look forward to working with many more in the coming years.