Canonical Crypto, a new venture capital fund on Thursday has raised $20M in a financing round for its inaugural fund, according to a press release. The fund was backed by Marc Andreessen and Chris Dixon of Andreessen Horowitz ("a16z"), Shan Aggarwal of Coinbase Ventures, the venture capital arm of crypto exchange Coinbase Global (NASDAQ:COIN), and Amy Wu of FTX Ventures, the venture capital unit of crypto exchange FTX. Canonical will focus its investments on those who are transitioning to web3 from web2. Specifically, it will primarily focus on developer infrastructure to further the creation of better decentralized applications (dApps), the release said. The firm is expecting to execute 40 to 50 investments in its first fund and will write checks in an average range of $250K-500K. Meanwhile, Canonical has already made initial investments in companies like Formfunction, a non-fungible token ("NFT") marketplace for Solana (SOL-USD). In mid-January, FTX Trading formed a $2B
