The Lingfeng Innovation Fund (LIF), a new venture capital fund led by former Binance Labs executive Nicole Zhang, has raised $20 million to invest in crypto startups.
LIF is a subsidiary of Lingfeng Capital, a fintech investment firm with more than $400 million in assets under management.
Zhang, the founding partner of LIF, said the $20 million fundraising was an “excellent investment”. “Closed first round of funding” for the fund, targeting $30 million.
Zhang previously served as the Executive Director of Binance Labs, a venture capital firm of major crypto exchanges.resignfrom the company after two years of work in May.
LIF has made 10 investments, half of which are co-invested with Zhang’s former colleagues at Binance Labs, including ApolloX, ZetaChain, and Ultiverse.
Ning Ma and Ming Shu, a founding partner of Lingfeng Capital, are both founding partners at LIF, along with Zhang, who led the fundraising. Lingfeng Capital LIF holds a Capital Markets Services license in Singapore.
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