They Launched a Social Media App for NFTs. Now They’ve Raised $15 Million for a New Fund
Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.
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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.
Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.
