If approved, more than 100 early-stage Web3 projects are expected to be invested by the ecosystem fund.
If approved, the Mantle EcoFund and venture partners will participate in projects with 1:1 co-investment ratio. Web3 startups raising pre-seed, seed, and series A round will be targeted by the ecosystem fund.
The fund is proposed to have a three-year active investment period, plus two years of optional extension, a Mantle's spokesperson told Cointelegraph by email. The initial fund operator is proposed to be Mirana Ventures, Bybit and BitDAO’s venture partner, with an investment committee comprising representatives from Mirana Ventures, Mantle, BitDAO, and Bybit.
"The fund targets to invest in more than 100 projects deployed on Mantle and have a multiple on invested capital of 1.5x of cumulative performance through the fund’s lifecycle," noted Mantle's spokesperson.Management fees would match"industry standard", with 2% of management fee to support operational expenses of the EcoFund team, including sourcing, due diligence, legal, portfolio support, and fund administration.
Across the crypto industry, similar initiatives aim to drive adoption and innovation. Last year, Ethereum scaling solution Polygon
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