Alchemy, a platform for Web3 developers, is raising $12 million and aims to establish a venture capital fund, according to a filing with the Securities and Exchange Commission (SEC).

According to the filing, the Web3 developer platform has yet to initiate the process of raising the sum for its Alchemy SPV III fund. The form regarding the same was filed on Sept. 9 and it did not reveal the purpose of the new venture capital fund.

The co-founder and CTO of Alchemy Joseph Lau was confirmed as the executive officer of the venture capital fund.

Although the purpose of the venture capital fund was not revealed, the blockchain developer platform's venture arm, Alchemy Ventures, is known for investing in various crypto-focused startups. The venture arm was created to also invest in big firms like OpenSea and Dapper Labs.

As per a CoinDesk report in June, the platform launched a $25 million grant with the goal of supporting Web3 developers and startups. The funds were issued in mid-July and applicants were asked to fill out forms and get as much as $50,000.

"We believe as ecosystem builders, it's our responsibility to help everyone get excited about the new technology, but also to bring new developers within the ecosystem even during the market downturn," Paul Almasi, Alchemy's head of ecosystem development, said at the time.

Alchemy reportedly raised $200 million in a February funding round and the round was led by Lightspeed Ventures and Silver Lake. The firm was valued at $10.2 billion following the funding round.

"We've seen our user base grow 300%," CEO Nikil Viswanathan said in an interview in February.

While initially the team of the firm was limited to 50 members, Alchemy continues to expand amid a bearish market.

Interestingly, as per a previous report, NEAR Foundation, a Switzerland-based non-profit focused on the development of NEAR Protocol, announced a $100 million venture capital fund and venture lab in partnership with VC firm Caerus Ventures.

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Digital security and greed are the two big talking points around – and within – Web3 right now.  Getty
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