September 19, 2024

peaq backs $100 million DePIN Fund III by Borderless Capital as an anchor investor

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In a nutshell: peaq backs the $100 million DePIN Fund III by Borderless Capital as an anchor investor. With Helium co-founder Sean Carey and former head of U.S. investments at Telefónica Alvaro Gracia among the partners, the fund will invest in the future of decentralized infrastructure. With peaq as one of its key pillars, it will unlock new opportunities for DePINs building on peaq and bring more DePINs into the peaqosystem.

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Fostering borderless innovation

DePINs aren’t exactly like other crypto projects. While your run-of-the-mill memecoin has to face off with a bunch of dogs, hamsters, and frogs (some even wif hats), DePINs often compete with the likes of Google Maps, Uber, and other Big Tech household names. In even more cases, their task is even more arduous — creating real value for real business cases real (like, REAL real) fast, bringing Web3 scalability and values into Web2 world. And as cool as DePINs are, none of that is easy. The flywheel at the core of the DePIN model gives DePIN projects an edge, but they still need the early ignition to take off. And you know, it’s no coincidence that “ignition” and “investment” both start with “i”... Okay, maybe it is, but you get the point.

Borderless Capital, a leading investor in decentralized infrastructure, has unveiled a new $100 million fund which will be laser-focused on supporting DePINs and the revolution they bring. As the home of DePIN, peaq is backing the fund as a key anchor LP and through it, the DePIN sector’s rise into the spotlight as the world-changing Web3 champion.

With peaq as anchor LP, the fund opens a variety of exciting opportunities for the peaqosystem:

More funding opportunities. With the fund squarely aimed at supporting the DePIN revolution, it adds another major prospective supporting tool for teams building on peaq, as well as incentive for leading projects to choose peaq as their home to build on.
More DePINs on peaq and networking opportunities for peaqosystem DePINs. Through the fund, more DePINs will gain exposure to peaq and its ecosystem, which means more synergies, collaborations, DePINs choosing to build on peaq, and migrations on peaq down the line.

Among the partners in the fund is Sean Carey, co-founder of Helium, one of the best-known and oldest DePIN projects. Joined alongside him is Alvaro Gracia, former head of U.S. investments at Telefónica. Other prominent backers besides peaq include Solana, Jump, GSR, and others fostering growth and innovation in the field.

This is the third DePIN-focused fund to be launched by Borderless Capital, with the previous two set up in 2021, its anchor investors including Jump, Telefónica, and OKX. The funds invested in over 35 industry-leading projects, including Helium, Render Network, GEODNET, Natix, DIMO, XNet, and Wingbits.

“We are thrilled to see peaq, one of the major blockchains in the DePIN space, join DePIN Fund III as its key backer. With its focus on bringing Web3 into the real world and a proven track record of innovation, peaq is bringing boundless value and expertise to the table, and its involvement in the fund will be crucial for the DePIN sector’s long-term prospects and success.“

— Álvaro Gracia, Partner at Borderless Capital

“As one of the pioneers in the DePIN space, peaq’s know-how and focus make it a no-brainer partner for anything real-world. We are thrilled to see it at the table and look forward to working together on shaping and fostering the DePIN revolution.”

— Sean Carey, Partner at Borderless Capital

“DePIN is Web3’s best chance at true real-world adoption, but this revolution in the making needs support to take off and scale. DePIN Fund III by Borderless Capital fills a crucial gap in the market, granting visionary DePIN founders another supporting tool, and peaq is happy to back it as an anchor investor, fostering the success of Web3’s most promising sector.”

— Till Wendler, co-founder of peaq

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