Castle Island Ventures raises $250M to target crypto, web3 startups

Castle Island Ventures, a digital asset firm founded by Fidelity alumni Nic Carter and Matt Walsh, raised $250M, to invest in startups involved in creating monetary networks, financial services, and internet architecture such as web3, Bloomberg reported. The fundraising marks the four-year-old firm's largest ever. Investors in Castle Island Ventures III fund include asset managers, endowments, and family offices, the firm told Bloomberg. The company had previously raised $30M and $50M. The new investments will add to its portfolio that already holds Bitwise and BlockFi. The company will also seek to lead more series A rounds, in addition to pre-seeded stage investments, Walsh told Bloomberg. Earlier this week, BlockFi will pay $100M in penalties to regulators over crypto lending product