Multicoin Capital, a crypto fund founded in 2017, announced last week its latest venture fund, $430 million Venture Fund III.

The Austin-based firm invests between $500,000 and $25 million in early-stage opportunities. It also finances later-stage projects up to $100 million or more.

“We’ve been investing in crypto for about 5 years now and have watched innovation slowly move up the stack,” according to a blog post. “While we continue to make deep tech and infrastructure investments, we are spending an increasing percentage of our time on things that directly face consumers and that are poised to reshape massive consumer-facing markets.”

Multicoin is most interested in investing in proof of physical work companies like its portfolio companies Helium and Hivemapper, DataDAOs like its portfolio company, Delphia, and creator monetization like its portfolio companies Metaplex, Aduius, Strata Protocol, and FanTiger. It is also interested in investing in consumer products, new business models for collaborating on IP, Web3 infrastructure and open finance, India, and DAO Tooling.

Multicoin, founded by Kyle Samani and Tushar Jain, has made 97 investments and had one exit, according to its Crunchbase profile.