Nine-month-old fund to double down on investments to grow web3 ecosystem Capital—the investment arm of—today announces it has hired Jon Russell as the fund’s newest partner. Russell has spent the last 10 years as a technology journalist, including stints with TechCrunch and subscription media startup The Ken.

The $200 million fund was launched in March 2021 to invest in early-stage startups that can change the game and grow the crypto ecosystem to one billion users. Capital blends the best of a lean and entrepreneurial fund team with the resources and experience of, which reaches over 10 million users through products including a Visa debit card, trading exchange and NFT platform.

The fund is helmed by co-founder Bobby Bao and it targets seed and Series A deals in categories including the metaverse, blockchain gaming, NFTs, and DeFi. To date, it has completed over 20 deals and its portfolio of companies includes Efinity, Genies, DeBank, Alethea AI, YGG SEA, and Matter Labs.

The fund invests independently, but portfolio companies can tap into the reach of know-how of to give themselves the type of unique advantages that promising young web3 startups thrive from. It deals in tokens or equity investments of typically up to US$1 million in seed rounds, and US$1 million-US$10 million at Series A stage.

Russell spent the last decade in tech and business reporting roles, including a five-year-stint with TechCrunch leading their Asia coverage. He joined The Ken, a media startup with 30,000 paying subscribers, in 2019 and launched their Southeast Asia edition. Jon began writing about crypto in 2014 and has interviewed top executives at events across the world.

“ Capital is not even one year old, but already we work hand-in-hand with dozens of world-class founders and we want to find more. Adding Jon to the team is a statement of intent to double down and grow the web3 ecosystem,” said Bobby Bao, co-founder.  

“I’ve had offers to move into crypto full-time before but is the most ambitious company in web3,” said Russell. “The Capital fund brings a very unique advantage to help the world’s best web3 founders and startups to realise their potential and I can’t wait to play my part.”