Latest Crypto Venture Fund Drums Up $110M for Web3 Startups

Early-stage venture fund to invest in startups building a decentralized future for the next billion users


Blockworks exclusive art by axel rangel


key takeaways

  • “We’ll see the tokenization of everything” in the next 15 years, Cathay Innovation co-founder says
  • The fund seeks to commit investments ranging from $550,000 to $4.3 million

Crypto security platform Ledger has teamed up with venture capital firm Cathay Innovation to launch a $110 million early-stage fund focused on Web3, DeFi, NFTs and DAOs. 

The partnership, Ledger Cathay Capital, is backed by French public investment bank Bpifrance. The combined entity seeks to unlock resources, networks and potential partnerships to accelerate Web3 innovation, while maintaining security standards.

Led by Cathay Innovation co-founder Denis Barrier, as well as Ledger’s Pascal Gauthier and Michael Louzado, the fund plans to invest in seed to Series A funding rounds. The idea is to make 20 to 25 investments, all-in, with checks ranging from $550,000 to $4.3 million. 

Cathay Innovation’s Denis Barrier

The strategy keys in on backing protocols and native tokens, as well as emerging DeFi (decentralized finance) security, infrastructure and digital ownership technologies, which Barrier and Gauthier called a multi-decade investment opportunity.

The fund has not made any investments to date. 

“We’re at the beginning of a significant shift in technology as the third iteration of the web emerges, which is being built on blockchains with tokens that enable new use cases in the tokenization of the entire global economy,” Barrier and Gauthier told Blockworks in an email. “Cryptocurrencies are the first case to have scaled.” 

Cathay Innovation, created in affiliation with Cathay Capital, is a multi-stage fund with roughly $1.5 billion in assets. 

Founded in 2014, Paris-based Ledger is a digital asset management solution that serves retail and institutional clients in 200 countries. The company secures about 20% of digital assets around the world through its Ledger Enterprise Solutions for institutions. 

The differentiation from other venture funds comes from combining Ledger’s experts in Web3, blockchain and security with Cathay’s extensive corporate ecosystem, according to Barrier and Gauthier.

“These entrepreneurs and builders need a secured and open security platform in order to design and imagine a new generation of services with easy access,” they said.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Snowflake, a cloud-based data warehouse solution, has partnered with Dune to make curated blockchain data available to its clients


Crypto is fast and it’s only getting faster as bitcoin threatens to retest its own highs set more than two years ago


The settlement ends the legal battle over, a domain once owned by imprisoned developer Virgil Griffith


TBC President Lee Bratcher told Blockworks he’s “confident” about the Council’s case against the DOE


The Monday trading volumes total passes the previous high mark set on the fund’s first day of trading nearly seven weeks ago


The hearings are expected to last for a couple of days as the court hears arguments for and against the bankruptcy plan proposed by Genesis