This is the first time SOSV has spun out a startup program as an independent fund, it said in a news release.
The new fund will be led by two founding general partners, Shawn Broderick and Nick Plante, who had been general partner and partner at SOSV, respectively. The VC firm will be the anchor limited partner in the fund.
“Shawn and Nick have done a great job in backing pioneering blockchain companies that will really matter, and side-stepping the nonsense,” Sean O’Sullivan, SOSV’s managing general partner, said in a prepared statement. “Blockchain, DeFi and distributed apps have a wealth of applications where they provide fundamental value and will succeed. I’m proud of the dlab companies that will remain in the SOSV portfolio, and I look forward to dlab earning great returns for all its limited partners.”
SOSV investments in dlab companies made to date will remain part of SOSV’s portfolio, with Broderick looking after legacy SOSV investments as a venture partner. Since 2018, SOSV has invested in 23 dlab startups.
“After more than four years proving out dlab as part of SOSV, Nick and I are ecstatic to take things to the next level as an independent fund,” Broderick said in a statement. “The promise of decentralization made possible via blockchain technologies represents a generational opportunity to create a more transparent, open and participatory world.”