On 26 October, 2017, DraperDragon Innovation Fund and the Metaverse Foundation officially announced their partnership to establish a digital asset investment fund.

The DraperDragon Innovation Fund is a venture capital (VC) fund that focuses on Sino-US cross-border investments in emerging technology industries. It is a member of the global VC fund network Draper Venture Network (DVN), a global collective of VC investors established by famous American venture capitalist Tim Draper. The DVN currently consists of 17 member funds spread across more than 60 cities globally, including the Draper Fisher Jurvetson (DFJ) Fund, which including companies such as Hotmail, Skype, Baidu and Tesla in its portfolio. In the ten years since its inception, the DraperDragon Innovation Fund has provided venture capital to emerging technology companies related to China, maintaining a close relationship with them and successfully cultivating a new generation of emerging technology enterprises. This is aligned with the vision of the Metaverse Foundation.

The cooperative fund will have capital totaling 5 million ETP. Apart from cross-investments in blockchain projects, the fund will also promote the development of the Metaverse ecosystem.

Eric Gu, the founder of Metaverse Foundation indicated, “We are honored to form a strategic partnership with the DraperDragon Innovation Fund. We eagerly anticipate the new prospects that this innovative collaboration will open up for the Metaverse Foundation.”

Larry Li, the partner of DraperDragon, expressed, “Metaverse is a leading blockchain project that DraperDragon has very high regards. We look forward to playing on each party’s strengths to explore innovations in investment models in the blockchain field as well as successfully incubate a new generation of blockchain applications. ”