August 14, 2024
Ian Wittkopp and Inal Kardan, former members of the TON Foundation, have established TON Ventures, a venture capital firm, with an initial fund of $40 million. Previously, Wittkopp was the director of TON Accelerator and Kardan led the gaming division at the TON Foundation. Their new fund aims to support startups developing on The Open Network (TON) blockchain.
Project | Latest Raise | Latest Raise Date | Category |
|---|---|---|---|
TON Ventures | $40M | August 14, 2024 | Investment |
Wittkopp mentioned that the fundraising process was informal and the full amount was secured about a month ago. The fund could grow if additional partners join. Before his role at the TON Foundation, Wittkopp was the COO and head of investment at Ryze Labs (formerly Sino Global Capital). He did not disclose the names of the fund’s investors or limited partners but noted they are primarily individual private investors interested in the long-term growth of the TON ecosystem.
TON Ventures has already invested in over a dozen startups, including Catizen, Tradoor, and Evaa Protocol, as noted on its website. Wittkopp mentioned that the firm’s typical investment for early-stage startups is $500,000 or less. However, they will also engage in later-stage “strategic” investments, such as significant protocols joining the TON ecosystem, with terms and investment amounts determined on a case-by-case basis.
Wittkopp anticipates that the $40 million fund will be fully invested within a year due to the strong interest from top-tier developers they’ve encountered.
About TON Ventures
TON Ventures is a venture capital firm dedicated to supporting innovative projects within The Open Network (TON) ecosystem. Founded by former TON Foundation members, the firm aims to accelerate the development of decentralized applications and services that leverage the unique capabilities of TON and Telegram. With an initial fund of $40 million, TON Ventures invests in early-stage startups and provides strategic support, including access to Telegram’s social features and advertising resources. The firm focuses on fostering sustainable growth and creating lasting value for the TON community by collaborating with visionary founders and developers
Website: https://tonventures.io/
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