TON Foundation Veteran Launches $100 Million Fund, TVM Ventures, to Boost TON Ecosystem
Steve Yun, a former president and current board member of the TON Foundation, has launched a new venture capital firm, TVM Ventures, with a $100 million fund dedicated to supporting startups within The Open Network (TON) ecosystem. The firm's focus on decentralized finance (DeFi) and payment finance (PayFi) reflects Yun's belief that TON is poised to become a leading payment blockchain.
Investing in the Future of TON: TVM Ventures' Focus on DeFi and PayFi
TVM Ventures, which takes its name from the TON Virtual Machine, has already invested in four TON-based startups: Factorial, a modular lending platform; Torch Finance, a stablecoin swap platform; Fiva, a tokenized yield platform; and Memes Lab, a memepad on TON/Telegram.
Yun, who stepped down as president of the TON Foundation last month, formally established TVM Ventures in November 2024 and began operations soon after. He and a Toncoin miner contributed to the fund's initial capital.
Seed-Stage Focus: Backing Early-Stage Innovation on TON
TVM Ventures will primarily target seed-stage investments, typically leading rounds with checks between $500,000 and $1 million, focusing on startups with valuations between $5 million and $10 million. The firm also plans to provide $5 million in "farming liquidity" to help protocols establish the minimum liquidity needed for their products to function. Yun stated that the fund aims to deploy its full capital within 24 months, investing in both equity and tokens.
According to Yun, TVM Ventures differs from another TON-focused VC firm, TON Ventures, in its focus on DeFi and PayFi. "Our focus is to build an advanced and comprehensive financial system capable of meeting the financial needs of 500 million users in the next few years," he said.
The TON Ecosystem: Poised for Explosive Growth?
Yun anticipates significant growth for TON's ecosystem in the next three to five years, predicting that the Telegram Wallet will open to U.S. users with an interface that aggregates multiple services. He also sees the TON Foundation becoming more independent and efficient, making "high-impact deals" to strengthen the ecosystem. Yun even predicts that Toncoin, currently trading around $4, could surpass $40 in the next bull cycle.