Early-stage venture firm NFX has launched its largest fund to date, aiming to allocate a significant amount to verticals such as biotech and cryptocurrency.

What Happened: In a press release on Tuesday, NFX announced the launch of Fund III, dedicated solely to pre-seed and seed-stage startups.

The new fund is projected to add 70 companies to its portfolio, onboarding founders who specialize in fintech, marketplaces, gaming and property technology sectors. The venture firm also specifically mentioned plans to increase investment in tech-bio and crypto.

The firm added Morgan Beller, co-creator of Facebook, Inc.’s (NASDAQ:FB) Diem cryptocurrency project, as general partner last year.

“You can’t have crypto without network effects. Understanding network effects — and the ability to bake in certain principles from the pre-seed/seed stage — gives crypto founders a real advantage. No one is better at understanding that than the NFX team,” said Beller in a statement.

NFX’s portfolio includes several billion-dollar companies like LYFT Inc (NASDAQ:LYFT), DoorDash Inc (NYSE:DASH) and Poshmark Inc (NASDAQ:POSH).

The venture firm said it plans to leverage this new fund to build a stronger network, which will help founders get even further faster in an increasingly competitive market.

Price Action: On Tuesday at publication, the cryptocurrency market was up 4.65% over 24 hours and was valued at over $2.19 trillion; the leading digital asset Bitcoin (CRYPTO: BTC) was trading at $51,654.20, gaining 5.03%.

Photo: Thought Catalog via Unsplash