Borderless Capital, a Miami-based Web3 investment firm, has launched a $100 million fund aimed at accelerating the growth and development of Decentralized Physical Infrastructure Networks. It’s the third Borderless fund in the DePIN space.
DePIN seeks to transform the construction and maintenance of physical infrastructure by leveraging blockchain technology and token incentives. The DePIN Fund III is backed by peaq, Solana Foundation, Jump Crypto, IoTeX, GSR, Anfield, Wormhole Foundation, Sonic Boom Ventures, Movement Labs and others. The fund is led by former Telefónica executive Álvaro Gracia and Helium co-founder Sean Carey, now Borderless Capital partners.
According to Borderless, this decentralized model allows individuals to build connectivity networks, GPU clusters, edge computing, mapping, and many other applications, with greater efficiency and at a lower cost than traditional Web 2.0 models. The rapid growth potential of DePIN is exemplified by the Helium Network, which was the first to enter the sector with partners T-Mobile and Telefónica, and has deployed over 1 million IoT antennas in 1.5 years, including in Miami, and GEODNET, the blockchain-powered RTK (real-time kinematics) network, Borderless said.
Gracia calls DePIN one of the most revolutionary innovations in the Web3 space. “DePIN will become the global standard for deploying physical infrastructure, coordinating human resources, and generating billions in passive income while at the same time providing easy access and lower cost for the users,” added Gracia, the former head of U.S. investments at Telefónica.
The DePIN Fund III will prioritize investments at the protocol level with a particular focus on Commodity DePINs, Web 2.5 DePINs, and Impact. Commodity DePINs utilize widely accessible hardware, such as smartphones and laptops, offering scalability, versatility, and inclusivity compared to bespoke DePINs that require custom hardware. Web 2.5 DePINs combine decentralized networks with traditional Web2 payment rails, addressing existing markets while leveraging token incentives to drive network bootstrapping.
“DePIN is a game-changer for underserved areas, providing critical infrastructure and services,” said Carey. “With its ability to address real-world needs, DePIN has the potential to onboard the next billion users into Web3.”
DePIN Fund I and DePIN Fund II launched in 2021 and have invested in over 35 groundbreaking projects, including Helium, Render Network, GEODNET, Natix, Mawari, Silencio, DIMO, XNet and Wingbits.
Since 2018, Borderless has made 250+ investments, including into Miami startup Securitize. The firm, which relocated its HQ from Atlanta to Miami in 2021, has over $500 million in assets under management across one hedge fund and five venture capital funds. Earlier this year, Borderless acquired CTF Capital, a quantitative trading and asset management firm also headquartered in the Magic City.
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