London-based asset manager Fasanara Capital has established a new $350 million venture capitalist fund focused on fintech and Web3, according to a press release.

The firm has more than $3.5 billion assets under management and also has a team dedicated to digital assets arbitrage trading and lending.

Founded in 2011, Fasanara Capital pivoted to venture investing over the past three years, participating in 27 funding rounds across the fintech industry in Europe. It led a $35 million Series A round for Web3 startup Twig, a company that is building a green crypto payments infrastructure.

"Having gained a reputation as the leader in the space, we are now seeing a deal flow of unprecedented quality and we want to capitalize on it," said Francesco Filia, Fasanara Capital CEO.

Venture capital investment in crypto hasn't slowed in 2022 despite a bear market that has seen the likes of bitcoin and ether plunge by over 50% since the turn of the year. Prominent Silicon Valley investor Andreessen Horowitz (a16z) formed a $4.5 billion crypto fund in May, while earlier this month Two Sigma Ventures raised $400 million for two funds that will include crypto investments.