Durham entrepreneur Ryan Bethencourt, CEO of the plant-based dog food company Wild Earth, has launched a new investment fund focused on "Web3" startups in the Triangle.
Web3 is an umbrella term for technologies like cryptocurrencies and NFTs (non-fungible token).
You can read more about what Web3 is by reading this explainer from Axios' Scott Rosenberg.
Why it matters: Bethencourt believes the Triangle could birth several companies in the cryptocurrency or NFT space in the next two years.
Layer One Ventures, which is being launched on the fundraising platform AngelList, has already raised around $3 million to invest in early-stage startups, Bethencourt said.
He said the goal is to write $50,000 to $250,000 checks to local entrepreneurs working in the Web3 space.
Details: Bethencourt has a long history of launching investment funds, like Sustainable Food Ventures. He will be Layer One's partner, navigating what investments the fund makes.
One of Layer One's first backers is Anatoly Yakovenko, the founder of the blockchain platform Solana, Bethencourt said.
Yes, but: The fund is launching at a trying time for cryptocurrencies. Much like the stock market, crypto prices have declined this year, with Bitcoin notably falling more than 50% from its high in November 2021.
"With the crypto markets (and financial markets) now in a deep bear market," Bethencourt said, "I'm bullish on investing in scrappy companies during this period which I suspect will be similar to 2000 and 2008 in previous market cycles."
