Crypto hardware wallet maker Ledger and global venture capital firm Cathay Innovation have partnered to launch a €100 million ($110 million) fund to invest in web3 startups.
The fund, dubbed Ledger Cathay Capital, is backed by the French public investment bank Bpifrance.
Some other investors have also supported the fund, Denis Barrier, co-founder of Cathay Innovation.
Ledger Cathay Capital will invest in early-stage startups across areas such as decentralized finance, security, infrastructure and digital ownership technologies.
Ledger and Cathay Innovation will combine their expertise to source and assess investment opportunities.
Ledger had been separately investing in crypto startups, but now its investments will also be managed by Ledger Cathay Capital.