Luno Introduces a Venture Unit Focused on Funding Crypto and Web3 Projects

Aims to provide investment to startups that focus on fintech, crypto and Web3, Luno subsidiary of Digital Currency Group announced the launch Luno Expeditions.

Luno Expeditions is an investment unit (corporate venture capital) specifically for startups in early funding stages. More broadly, the funds under management will target developers of financial services, metaverses, infrastructure blockchain, and Web3.

As is known, Luno itself is one of the crypto players in Indonesia. They already have a local company in Indonesia registered with CoFTRA. A number of strategic agendas have also been carried out, one of which is that they are collaborating with Lippo Group which will soon be built j work on a business around crypto assets.

Luno Expeditions CEO Jocelyn Cheng, reported by Tech Crunch, said that this venture unit would spearhead the new project. Cheng has previously invested in global startup founders over the past six years as managing director at the Global Innovation Fund, which is impact investing.

“I am delighted to be joining Luno Expeditions. This is a very interesting moment to jump into the crypto sector and ecosystem fintech wider. We have ambitious plans to build venture capital designed around the needs of startup founders. It is an honor to be able to work with dedicated entrepreneurs from around the world, who share a common vision to solve problems and build better financial services companies.”

Other Luno Expedition teams include Mira Christanto (Director of Investments) Aditi Khimasia (Head of Legal), Katharine Suy (Chief Marketing Officer), and Margaux Dutertre (Investment Analyst). Most of them are familiar with fintech services and have entered the crypto industry.

The Luno Expeditions team will focus on increasing the number of investments (with a target of 200-300 investments per year) and expanding its portfolio beyond crypto to the wider fintech field.

Today, a similar initiative was also launched by Indogen Capital, Finch Capital, and Tokocrypto by forming Cydonia Fund. This managed fund will focus on the local Web3 ecosystem which is considered to be something significant in the future. They are targeting up to 40 startups to fund.