In a significant move to bolster its ecosystem, Pi Network announced the launch of Pi Network Ventures, a $100 million fund dedicated to investing in startups that build applications on its mobile-first blockchain infrastructure. The announcement, made on May 14, highlights a strategic initiative aimed at fostering innovation and growth within the Pi Network ecosystem.
The Pi Foundation, which oversees the network, describes itself as an “ownerless” entity committed to long-term development. The new venture fund will utilize a portion of the 10% of Pi tokens reserved for ecosystem initiatives, combining both Pi tokens and US dollars for its investments. This approach is designed to enhance the utility of Pi by integrating it into a variety of products and services.
According to the foundation, Pi Network Ventures will target startups at various stages, from early development to Series B funding rounds. This strategy aims to attract high-potential innovators while also supporting established businesses looking to scale. Notably, the fund intends to extend its focus beyond the crypto sector, exploring opportunities in technology fields such as generative AI, fintech, e-commerce, and social networks.
This initiative seeks to emulate traditional Silicon Valley venture capital practices, particularly in its sourcing and selection processes, to identify disruptive startups that can drive significant impact. As the blockchain landscape continues to evolve, Pi Network Ventures positions itself as a key player in fostering a vibrant ecosystem that encourages innovation and adoption.
