Key Takeaways
- • Oak Grove Ventures has launched with $60 million in capital, founded by Shawn Shi (Alchemy Pay co-founder) to invest in early-stage web3, artificial intelligence, and biotechnology startups.
- • The fund assembles experienced investment and technical leadership, including Sally Wang (former Sino Global Capital VP), Zac Pan (former Lightspeed Venture Partners associate partner), Ethan Wang (former Libra tech lead), Rongjian Lan (former Harmony co-founder and CTO), and Michael Li (former Coinbase VP) as technical advisor.
- • Oak Grove has operated as a family office since 2019 with over $15 million deployed across crypto venture funds (Nomad Capital, Draper Dragon, IOSG Ventures) and direct investments in 10+ firms including SpaceX, OpenSea, and Consensys.
- • The fund launch occurs during a crypto bear market, with management positioning depressed asset valuations as a contrarian entry opportunity backed by historical precedent of successful investments made during downturns.
- • Oak Grove's entry joins a wave of new crypto-focused venture formation despite challenging market conditions, with Blockchain Capital raising $580 million for two funds and KBank establishing a $100 million web3 and AI fund within the same period.
Summary
Oak Grove Ventures has formally launched a $60 million venture capital fund targeting early-stage investments in web3, artificial intelligence, and biotechnology sectors. The fund is founded by Shawn Shi, co-founder of Alchemy Pay, a cryptocurrency payment solutions provider, positioning the new vehicle within an increasingly active landscape of crypto-focused venture formation.
The fund's investment and operating team combines expertise across major institutional investors and blockchain infrastructure developers. Sally Wang, former vice president at Sino Global Capital (now operating as Ryze Labs), and Zac Pan, a former associate partner at Lightspeed Venture Partners, have joined as investment partners. Technical leadership includes Ethan Wang, who previously served as tech lead for Libra (the Meta-initiated project that later rebranded to Diem before being discontinued), and Rongjian Lan, former co-founder and chief technology officer of Harmony. Michael Li, a former vice president at Coinbase, serves as technical advisor to the fund.
Oak Grove's institutional presence extends beyond this formal launch. Operating since 2019 as a family office, the fund has deployed over $15 million across established crypto venture vehicles including Nomad Capital, Draper Dragon, and IOSG Ventures. The organization has also made direct equity investments in over 10 companies spanning sectors beyond crypto, including SpaceX, OpenSea, and Consensys.
The fund's launch during current bear market conditions reflects a deliberate contrarian positioning. Management argues that depressed asset valuations present optimal entry points for disciplined investors, citing historical precedent that many successful investments were executed during cyclical downturns. This rationale aligns with broader venture activity in the sector—Blockchain Capital simultaneously raised $580 million for two new funds, and Thai banking institution KBank established a separate $100 million allocation for web3 and artificial intelligence investments, suggesting institutional confidence despite challenging market sentiment.
The fund's investment and operating team combines expertise across major institutional investors and blockchain infrastructure developers. Sally Wang, former vice president at Sino Global Capital (now operating as Ryze Labs), and Zac Pan, a former associate partner at Lightspeed Venture Partners, have joined as investment partners. Technical leadership includes Ethan Wang, who previously served as tech lead for Libra (the Meta-initiated project that later rebranded to Diem before being discontinued), and Rongjian Lan, former co-founder and chief technology officer of Harmony. Michael Li, a former vice president at Coinbase, serves as technical advisor to the fund.
Oak Grove's institutional presence extends beyond this formal launch. Operating since 2019 as a family office, the fund has deployed over $15 million across established crypto venture vehicles including Nomad Capital, Draper Dragon, and IOSG Ventures. The organization has also made direct equity investments in over 10 companies spanning sectors beyond crypto, including SpaceX, OpenSea, and Consensys.
The fund's launch during current bear market conditions reflects a deliberate contrarian positioning. Management argues that depressed asset valuations present optimal entry points for disciplined investors, citing historical precedent that many successful investments were executed during cyclical downturns. This rationale aligns with broader venture activity in the sector—Blockchain Capital simultaneously raised $580 million for two new funds, and Thai banking institution KBank established a separate $100 million allocation for web3 and artificial intelligence investments, suggesting institutional confidence despite challenging market sentiment.
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