Luno, a cryptocurrency exchange, recently announced the formation of Luno Expeditions, an investment arm with the goal of investing in fintech, crypto, and Web3 firms throughout the world. Starting with Series A, the investment arm will focus on digital assets and later-stage enterprises.
Luno, one of Africa’s first cryptocurrency exchanges, recently announced the formation of an early-stage investment arm with the goal of supporting fintech, cryptocurrency, and Web3 firms. According to a report, the investment arm, known as Luno Expeditions, is intended to fund between 200 and 300 businesses each year.
According to Techcrunch, CEO Jocelyn Cheng will manage Luno Expeditions’ all-female team of five. According to the article, Barry Silbert, the founder and CEO of Digital Currency Group (DCG), and Marcus Swanepoel of Luno will serve on the Investment Committee of the new venture capital firm.
Cheng, who has previously had investing roles at CPP Investments, Bain Capital, and Goldman Sachs, is also noted in the story distinguishing the new venture’s role from that of DCG.
“Luno Expeditions will focus on the group’s early-stage investing in equity and convertible rounds,” Cheng said. She also stated that the venture capital firm will continue to invest in crypto assets and later-stage firms beginning with Series A.
According to the CEO, there are “relatively few really global and very early-stage fintech funds” that are currently active, therefore there is a potential to develop one. She also mentioned a strong convergence between some fintechs and cryptocurrency. Nonetheless, Cheng believes that infrastructure must be created, stating:
“There is still a lot of work to be done in building the infrastructure that crypto will rely on. So our aim is to be supportive of this broader ecosystem. So what this practically means is we will invest in fintech companies that we feel match that long-term thesis, not just any fintech company.”