Borderless Capital, a Web3 investment manager, has launched its third DePIN-focused fund, a $100 million fund designed to accelerate the growth
Web3 investment manager Borderless Capital has launched its third DePIN-focused fund, a $100 million fund designed to accelerate the growth and development of Decentralized Physical Infrastructure Networks (DePIN).
The DePIN Fund III is backed by prominent investors, “including peaq, Solana Foundation, Jump Crypto, IoTeX, GSR, Anfield, Wormhole Foundation, Sonic Boom Ventures, Movement Labs and others.”
DePIN is transforming the construction and “maintenance of physical infrastructure by leveraging blockchain technology and token incentives.”
This decentralized model allows individuals to “build connectivity networks, GPU clusters, edge computing, mapping, and many other applications, with greater efficiency and at a lower cost than traditional Web 2.0 models.”
The rapid growth potential of DePIN is exemplified “by the Helium Network, an MVNO partnered with T-Mobile and Telefónica, which was the first to enter the sector, deploying over 1 million IoT antennas in just 1.5 years, and GEODNET, the largest RTK network on earth.”
“We are making a bold bet on DePIN as we believe it is the most revolutionary innovation in the Web3 sector. Together with an all-star team of partners and investors, we are excited to support the next generation of builders and protocols that will further accelerate the growth and adoption of DePIN,” said Álvaro Gracia, Partner at Borderless Capital.
Sean Carey, co-founder of Helium, has joined “as a partner for this fund alongside Alvaro Gracia, former head of U.S. investments at Telefónica.”
The DePIN Fund III will prioritize investments “at the protocol level with a particular focus on Commodity DePINs, Web 2.5 DePINs, and Impact. Commodity DePINs utilize widely accessible hardware, such as smartphones and laptops, offering scalability, versatility, and inclusivity compared to bespoke DePINs that require custom hardware.”
“Web 2.5 DePINs combine decentralized networks with traditional Web2 payment rails, addressing existing markets while leveraging token incentives to drive network bootstrapping.”
This is Borderless Capital’s third fund dedicated to DePIN, “following the DePIN Fund I and DePIN Fund II in 2021, which was anchored by Jump, Telefónica, and OKX and invested in over 35 groundbreaking projects, including Helium, Render Network, GEODNET, Natix, Mawari, Silencio, DIMO, XNet and Wingbits.”
“We are excited to continue our partnership with Borderless on this new fund, which will support the next wave of innovation in decentralized physical infrastructure,” said Carey.
Borderless is an investment management firm “focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders.”
Borderless comprises a team of builders, partners, and investors who “adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks.”
Since 2018, Borderless has made 250+ investments across infrastructure, business applications, and nascent cryptographic protocols, and “has played an integral role in the development of some of the most significant and innovative Web3 communities.”
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