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JPEG Fund, an investment fund from the creators of NFT-focused social media app Context, has secured $15 million for its first fund, according to a new SEC filing.
The South Pasadena-based fund—whose name seemingly references the widespread, derisive joke about non-fungible tokens being little more than overpriced JPEG images—raised the $15 million from a solitary investor, per the regulatory filing.
The fund co-managers, Adam Ludwin and Luke Miles, unveiled Context in October, pitching it as a service for discovering new NFTs and following NFT artists and collectors. (Crypto industry publication Decrypt compared the app to Instagram for NFTs.) Later that month, the pair incorporated a limited liability company named JPEG Fund I GP.
Its ties to blockchain technology aside, it’s unclear what the fund will focus on. Ludwin and Miles did not respond to requests for comment.
Ludwin previously co-founded the blockchain startup Chain, which was acquired by blockchain network Stellar in 2018, while Miles co-founded Restocks, a Y Combinator-backed streetwear app that no longer exists.
The pair also previously worked at Byte, which was Vine co-founder Dom Hofmann’s attempt to recapture the magic of the shuttered short-form video-sharing app. Byte was acquired last year by Los Angeles-based, TikTok-esque startup Clash, while much of its staff was reportedly snapped up by Discord.