Pear VC’s Anand Ayer single-handedly creates a new $200 million fund for crypto developer tools

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Engineers are the backbone of any technological product, and blockchain is no exception. As the race between the various chains heats up, loyalist communities are scrambling to get developers on their blockchain of choice in the hope that it will boost growth. And competition aside, without adequate infrastructure and tools, the big ideas and promises of web3 don’t stand a chance of seeing the light of day.

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That’s why Anand Iyer, who worked at Microsoft as a “dev evangelist” in an attempt to incentivize engineers to use the company’s stack, is looking to do the same in crypto – this time as an investor. Ayer, a serial entrepreneur with two successful exits, has spent much of the past year honing his interest in web3 as a guest partner at Pear VC and an instructor teaching a DeFi masterclass to over 2,000 students.

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Now a blockchain aficionado who started trading bitcoin in 2013 joins a growing group of individual GPs raising venture capital funds based on their own name and reputation. Ayer raised $20 million in what he says is an oversubscription round for his first Canonical Capital fund, he told TechCrunch. The fundraiser involves a range of family offices and individuals from the VC and tech communities, including Shan Aggarwal of Coinbase Ventures, Mark Andreessen and Chris Dixon of a16z, Judith Elsie of Lux Capital, Mar Hershenson, Hasib Qureshi of Dragonfly Capital, Dan Romero . , Semil Shah, Amy Wu of FTX Ventures and Bilal Zuberi, among others, the firm says.

According to Ayer, Canonical has already invested 16 funds in seed and pre-production startups spanning the entire developer infrastructure. His portfolio includes an NFT marketplace powered by Solana. ShapeFunctionlow code multichain dApp tool Third networkand start web3 messaging Notification. The firm expects to make a 40 to 50 investment in its first fund, writing checks for between $250,000 and $500,000, it said.

Market map of Canonical Crypto opportunities in web3 infrastructure

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Canonical Crypto market map of various segments in the web3 developer infrastructure environment Image Credits: Canonical crypto

Ayer sees the relatively small size of his fund as a key differentiator in a competitive environment. Traditional VC firms like Sequoia, a16z, and Silver Lake have recently made forays into web developer infrastructure startups.

“I didn’t want this fund to be too big or over 20 million because I can participate in many rounds. I can also invest in very, very early stages, so I don’t necessarily try to compete for a certain percentage of ownership. I can write relatively small checks and still be a big part of a startup early on,” Ayer said.

Even though developer infrastructure has been a hot area for VCs lately, Ayer says he still considers it an untapped area in crypto.

“If you look at DeFi applications or dApps today, I feel like they are built by trailblazers for trailblazers,” Ayer said, adding that crypto needs more people building infrastructure tools to expand its reach.


Credit: techcrunch.com /

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