Borderless Capital Announces $100M DePIN Fund to Power the Future of Distributed Infrastructure
Miami, USA, September 18th, 2024, Chainwire
Backed by peaq, Solana Foundation, Jump_, IoTeX, and others, the fund is led by former Telefónica executive Álvaro Gracia and Helium co-founder Sean Carey.
Borderless Capital, a leading Web3 investment manager, today announced the launch of its third DePIN-focused fund, a $100 million fund dedicated to accelerating the growth and development of Decentralized Physical Infrastructure Networks (DePIN). The DePIN Fund III is backed by prominent investors, including peaq, Solana Foundation, Jump Crypto, IoTeX, GSR, Anfield, Wormhole Foundation, Sonic Boom Ventures, Movement Labs and others.
DePIN is transforming the construction and maintenance of physical infrastructure by leveraging blockchain technology and token incentives. This decentralized model allows individuals to build connectivity networks, GPU clusters, edge computing, mapping, and many other applications, with greater efficiency and at a lower cost than traditional Web 2.0 models.
According to the team, the rapid growth potential of DePIN is exemplified by the Helium Network, an MVNO partnered with T-Mobile and Telefónica, which was the first to enter the sector, deploying over 1 million IoT antennas in just 1.5 years, and GEODNET, the largest RTK network on earth.
“We are making a bold bet on DePIN because we believe it’s one of the most revolutionary innovations in the Web3 space,” said Álvaro Gracia, Partner at Borderless Capital. “DePIN will become the global standard for deploying physical infrastructure, coordinating human resources, and potentially generating revenue while at the same time providing easy access and lower cost for the users”
Sean Carey, co-founder of Helium, joined as a partner for this fund alongside Alvaro Gracia, former head of U.S. investments at Telefónica. The DePIN Fund III will prioritize investments at the protocol level with a particular focus on Commodity DePINs, Web 2.5 DePINs, and Impact. Commodity DePINs utilize widely accessible hardware, such as smartphones and laptops, offering scalability, versatility, and inclusivity compared to bespoke DePINs that require custom hardware. Web 2.5 DePINs combine decentralized networks with traditional Web2 payment rails, addressing existing markets while leveraging token incentives to drive network bootstrapping.
“DePIN is a game-changer for underserved areas, providing critical infrastructure and services,” said Sean Carey, Partner at Borderless Capital. “With its ability to address real-world needs, DePIN has the potential to onboard the next billion users into Web3.”
This is Borderless Capital’s third fund dedicated to DePIN, following the DePIN Fund I and DePIN Fund II in 2021, which was anchored by Jump, Telefónica, and OKX and invested in over 35 groundbreaking projects, including Helium, Render Network, GEODNET, Natix, Mawari, Silencio, DIMO, XNet and Wingbits.
For more information on Borderless Capital’s investment thesis, users can visit DePIN Thesis 2.0: The Next Evolution of Web3 Distributed Hardware Networks.
About Borderless
Borderless is a leading investment management firm focused on Web3 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders. Borderless comprises a team of builders, partners, and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks. Since 2018, Borderless has made 250+ investments across infrastructure, business applications, and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web3 communities. To learn more: www.borderlesscapital.io