New York-based web3 investment firm CoinFund is on the hunt to raise $250 million just three months after its previous fund.

CoinFund announced that it plans to use the investment to fund early-stage startups.

Three separate filings have shown that CoinFund’s Cayman Islands-domiciled funds are aiming to raise $130 million and $20 million. Meanwhile, the company’s associated Delaware branch is seeking $100 million.

Reports suggest that the funding round is still in its early stages and sales have yet to occur.

In August, CoinFund announced a $300 million fund to support early-stage blockchain projects.

The fund was backed by institutional investors including the Teachers Retirement System of Texas, Adams Street Partners and StepStone Group.

The venture fund, which is called “The CoinFund Ventures I Fund”, was opened to invest in web3 companies that show commercial traction.

David Pakman, managing partner at CoinFund and head of venture investments, said the new one would invest in crypto projects and companies that focus on layer 1 blockchains, web3 infrastructure, DeFiNFT and games, payments, asset management, exchanges, marketplaces, and decentralized applications.

Established in 2015, CoinFund has invested in more than 100 portfolio companies since then. The company is one of the longest-running web3 venture capitalists and has invested an estimated $1 billion in early-stage startups.

CoinFund’s portfolio also extends to backing layer 1 blockchain Solana, web3 indexing protocol The Graph, and blockchain infrastructure company Blockdaemon, among other startups.

In addition, CoinFund also participated in developer platform Hyperlane’s $18.5 million round and crypto investment app Solvo’s $3.5 million round.

In the past, CoinFund has focused on Bitcoin and early investments in decentralized finance (DeFi) projects. CoinFund has previously invested in companies including NBA creator Top Shot, Dapper Labs, blockchain infrastructure platform Blockdaemon, and data indexing protocol The Graph, among others.

Image Source: Shutterstock