Dubai-based Cypher Capital is looking to raise over $100 million for a new venture capital fund that will look to invest in startups focused on web3 and blockchain technology businesses, according to a report by Bloomberg.
Dubai-based Cypher Capital (Cypher) is looking to raise over $100 million for a new venture capital fund that will look to invest in startups focused on web3 and blockchain technology businesses, according to a report by Bloomberg.
The report cites Bill Qian, who oversaw venture capital investments and acquisitions at Binance Holdings Ltd, but left to assume the role of chairman at Cypher last June, as saying that company’s fundraising programme will target “Asian technology tycoons”.
Cypher currently has 10 employees and recently recruited Tencent veteran Elaine Liu to support the firm’s expansion in the UAE. In November, Cypher set up an office space for crypto and blockchain startups in the Dubai Marina as part of its efforts to source future deals.
