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Mysten Labs CEO Evan Cheng Is Seeking To Raise Over $100 Million for a Web3 Fund

Mysten Labs CEO and co-founder Evan Cheng is raising money for a venture capital fund focused on web3 investments, according to four people familiar with the matter.

Cheng is in the early stages of pitching the fund to limited partners and is seeking to secure more than $100 million, said two of the people. A spokesperson for Cheng declined to comment.

Sui, Mysten Labs' Layer 1 blockchain, has garnered significant interest from venture investors and raised a total of $336 million since late 2021, according to Crunchbase data. Yet it still hasn't launched and remains in a testnet phase.

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