Ex-Bain Investor Launches $30 Million Web3 Consumer-Focused Venture Capital Fund as Solo Female Founder
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A Self-Proclaimed "Lifetime Degenerate" Seeks to Make a Profit Through Gaming and Exploit Gender Bias
Magdalena ‘Mags’ Kala is no stranger to beating the odds. Before she became an investor, she co-founded an all-female blackjack team that sought to exploit gender bias to make a profit through gaming. This was a bold move, especially considering that women are underrepresented in the gaming industry.
Raising Her First Fund as a Solo GP: A Feat That Defies Logic
Kala’s success in putting together her first fund is no small feat. In just four months, she managed to raise $30 million for her Miami-based firm, Double Down. This is despite the broader downturn in the crypto market and the added challenges that come with raising capital as a first-time fund manager.
A Fund That Exceeded Its Initial Target
Double Down blew past its initial fundraising target of $20 million in one month. The fund has already made nine investments in web3 consumer startups, including Miami-based OnChain Studios, which makes Cryptoys, and Tally Labs, the company behind the Jenkins the Valet & Azurbala franchises.
Web3 Consumer Startups: A Niche Market That Needs Good Storytelling
Kala believes that the future of web3 lies in consumer-facing companies. However, she also recognizes that there is a lack of good storytelling and go-to-market strategies around this niche market. She sees an opportunity to leverage her expertise as a consumer investor to make a profit in this space.
A Fund That’s Focused on the Intersection of Consumer and Crypto
Double Down’s backers include some of the biggest names in crypto, including Chris Dixon and Marc Andreessen of a16z, Paradigm co-founders Matt Huang and Fred Ehrsam, Alexis Ohanian’s VC firm Seven Seven Six, and more. These investors are betting on Kala’s ability to make a profit in the web3 consumer market.
A Fund That’s Focused on Diversity
Kala is proud of her fund’s commitment to diversity. Double Down has invested in companies that are led by women and minorities, which is a reflection of Kala’s own commitment to supporting underrepresented groups in the tech industry.
Navigating the Complex World of Web3 Investing
As a web3 investor, Kala must navigate the complex world of blockchain technology and cryptocurrency. She is aware of the risks involved but believes that her expertise as a consumer investor will help her make informed decisions about which companies to invest in.
A Fund That’s Just Getting Started
Double Down has just begun its journey as a fund, but it’s already making waves in the web3 investing space. Kala’s commitment to diversity and her expertise as a consumer investor are setting her apart from other funds in this niche market.
Conclusion
Magdalena ‘Mags’ Kala is a lifetime degenerate who has managed to beat the odds in web3 investing. Her fund, Double Down, is a reflection of her commitment to supporting underrepresented groups in the tech industry and making a profit through gaming. As she navigates the complex world of blockchain technology and cryptocurrency, Kala’s expertise as a consumer investor will be invaluable.