MoonPay creates new venture division to fund early-stage start-ups
Crypto payments infrastructure company MoonPay has launched its new investment arm, MoonPay Ventures, to support fintech and Web3 start-ups.
MoonPay launches its investment arm
MoonPay Ventures aims to focus on early-stage companies looking to build Web3 experiences and drive “industry-wide value” through increased adoption of the technology. It has already made a number of investments in the space, including in companies such as BCB Group, Absolute Labs, and BridgeTower Capital, among others.
Leveraging MoonPay’s experience and resources, the new venture division plans to equip portfolio companies with “top-tier teams, ideas, emerging business models, and go-to-market playbooks in Web3”.
Beyond capital, start-ups can expect to receive mentorship and access to MoonPay’s network of over 500 partners across Layer 1 and Layer 2 blockchains, marketplaces, wallets, and exchanges.
Ivan Soto-Wright, CEO and co-founder of MoonPay, says: “As we continue building at MoonPay, we’re also committed to uplifting the standout players in our ecosystem so we can collectively work toward mass Web3 adoption.
“Launching MoonPay Ventures is a major milestone in bringing this vision to life and allows us to leverage our resources to support our portfolio companies, and in turn, the Web3 industry as a whole.”
Sitting within MoonPay’s corporate development unit, MoonPay Ventures will be led by Abhay Mavalankar, who brings a decade’s worth of experience in investment banking and venture capital to the company following stints at Morgan Stanley, Centerview, and Cisco Investments.
