Ethereum Layer2 network Mantle Core Team and Mirana Ventures submitted a proposal at the BitDAO Forum to create a $200 million fund dedicated to early-stage Web3 startups. The fund aims to boost the adoption of Mantle’s network among developers and DApps.
According to the proposal, a capital pool of $200 million would be deployed within the Mantle ecosystem over the next 3 years from the Mantle EcoFund and Strategic Venture Partners. BitDAO’s treasury would provide $100 million in $USDC. If approved, the Mantle EcoFund and venture partners will participate in projects with 1:1 co-investment ratio.
Funds who have expressed interest in being Strategic Venture Partners include Dragonfly Capital, Pantera, Folius Ventures, Play Ventures Future Fund, Spartan, Lemniscap, Selini Capital, Cadenza Ventures, and QCP Capital.
The fund targets to invest in more than 100 projects deployed on Mantle and have a multiple on invested capital (MOIC) of 1.5x of cumulative performance through the fund’s lifecycle. Management fees would be “industry standard,” with a 2% fee to support operational expenses of the EcoFund team, including sourcing, due diligence, legal, portfolio support and fund administration.
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