Anand Iyer has kicked off a crypto fund amounting to $20 million.
Iyer has gathered $20 million in capital for his newly minted cryptocurrency fund, Canonical Crypto. This fund will primarily target investments in blockchain infrastructure projects, especially those evolving from Web2 to Web3.
With extensive expertise in developer infrastructure, Iyer brings a wealth of experience to the table. His impressive background includes roles such as angel investor and startup advisor, a developer evangelist at Microsoft, CEO of the childcare marketplace Trusted, Visiting Partner at Pear, as well as founding ventures like Hitpost and Threadflip.
The $20 million funding round was spearheaded by prominent crypto investors, including Marc Andreessen and Chris Dixon from a16z. Additional contributions came from key players like Shan Aggarwal of Coinbase Ventures, Haseeb Quresh of Dragonfly Capital, and Amy Wu from FTX Ventures, alongside several family office investors.
Canonical has made 16 seed and pre-seed investments in startups Canonical aims to build a diverse portfolio featuring investments in projects such as the Solana-based NFT marketplace FormFunction, the multi-chain development tool Thirdweb, and the Web3 messaging startup Notifi. The plan includes supporting 40 to 50 projects in the first funding cycle, with investments ranging from $250,000 up to $500,000.
Iyer has expressed his thoughts on the current landscape of DeFi applications, stating, 'They seem to be created by early adopters, for early adopters.' said .
Although Canonical is relatively small, Iyer is optimistic about its prospects, even when pitted against larger investment firms.
He sees a pressing need for more developers focusing on infrastructure projects within Web3, emphasizing that financial backing for new startups can significantly drive industry innovation.
Well-established investment firms like Sequoia Capital, a16z, and Silver Lake have already been putting their weight behind Web3 development infrastructure.
Iyer explained, 'I chose to keep the fund at $20 million because this size allows me to take part in multiple funding rounds. It also lets me invest during the very early phases of startups, meaning I'm not fighting for a dominant ownership stake. I can write smaller checks while still playing a significant role in the growth of these new ventures.'
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