MoonPay, a leading player in the web3 infrastructure space, has made a strategic move to foster innovation in its domain. The firm has established a new investment branch, MoonPay Ventures, with a focus on supporting early-stage startups in web3, gaming, and related fintech sectors.
MoonPay Ventures aims to infuse capital ranging from $100,000 to $1 million primarily in seed and Series A funding rounds. The venture arm has already marked its presence by investing in over 25 companies. Some of the notable names include BCB Group, Ledger, BRUT, BeatClub, absolute labs, Create/OS, BridgeTower Capital, and Mythical Games.
“When it comes to web3 and backing exceptional founders, this is a logical extension of that,” said Abhay Mavalankar, VP of corporate development and investments at MoonPay.
MoonPay is not allocating a specific fund amount for its venture arm. Instead, the team will utilize its balance sheet for investments, targeting commercial ROI.
MoonPay is a renowned name in the world of crypto payment infrastructure. The company boasts about 500 industry partners, including crypto wallets and layer-1 and layer-2 blockchains. MoonPay’s current valuation stands at $3.4 billion, with over 5 million customers and support for more than 80 assets.
In the realm of startup investing, MoonPay Ventures is placing a significant emphasis on the teams behind the ideas.
“If you think you have a good idea, there’s probably 10+ teams working on it at any time, but we’re looking for teams who can execute those things,” Mavalankar pointed out.
MoonPay Ventures intends to do more than just provide capital. The venture arm plans to help accelerate adoption for startups in its portfolio through operations like scaling, distribution, compressing sales cycles, and more. Roughly 80 to 90% of its investments will be linked to a commercial relationship.
“You put all those things together and it’s not just capital for capital’s sake,” Mavalankar stated. “We felt we could add some tangible value to the ecosystem, and if you can couple that with commercial ROI, there’s nothing like it.”
With the launch of MoonPay Ventures, MoonPay is paving a new path to nurture and accelerate the growth of startups in web3, gaming, and fintech sectors. By focusing not just on the ideas but the teams behind them and by offering more than just capital, MoonPay Ventures is redefining the role of venture capital in the startup ecosystem.