Crypto & Web3.0
Diagram Launches $100M Third Fund, with Blackstone Alum to Lead Web3 Initiatives
- Diagram has announced a $100 million new fund to invest in web3 and fintech sectors.
- The tech-focused venture capital firm also announced the addition of partners Steve Schultz and Ken Nguyen to the leadership team.
- Nguyen joined Duagram in November 2022 and will spearhead web3 initiatives having previously run his own blockchain-focused investment fund.
Diagram has announced the Diagram Ventures III L.P. (“DVLP III”), with $100 million in commitments from investors. The tech-focused venture capital firm said the fund will invest in the fintech and web3 sectors.
Diagram also announced the addition of partners Steve Schultz and Ken Nguyen to the leadership team to help spearhead initiatives in fintech and web3, respectively.
Nguyen has experience investing in web3 and digital assets having run his own blockchain-focused investment fund Insight Capital. Before that, he was a Managing Director at McCourt Global, a multi-billion family office.
At McCourt, Nguyen invested in and incubated early-stage companies in blockchain, sports, media, and proptech.
He also worked at the multi-billion alternative investment company Blackstone Group where he was the vice president of restructuring and special situations. Nguyen also worked at the global investment banking company Citigroup earlier in his career.
Paul Desmarais III, Co-Founder and Chairman of Diagram expressed his excitement for completing the $100 million fundraising saying: “We are grateful for the support and trust from our investors, which is a testament to the strength of our model and the value we have generated for all stakeholders.”
According to the announcement, the fund will seek to form partnerships with entrepreneurs to quickly validate, launch, and scale technology companies in the fintech and web3 sectors. Diagram is also expanding its investment strategy to include externally created early-stage companies.
Describing his company’s investment strategy, Francois Lafortune, Co-Founder and CEO of Diagram said: “Our vision has always been to focus on fewer concentrated ideas that we foster, de-risk, and co-create with exceptional founders.”
“While our core focus will remain building ventures from scratch, we are excited to broaden our strategy and help more innovative entrepreneurs reach their full potential,” he added.
While Nguyen brings experience to the digital assets and web3 team, Schultz’s experience in the mobile payments and financial services sector will be a valuable addition to the fintech team.
He was a Venture Partner at F-Prime Capital on its fintech investment team and served as Chief Operating Officer of Check, a mobile payments service, where he led product, partnerships, and go-to-market efforts from the company’s inception until it was acquired by Intuit.
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