Pump Fund will kick off with a hackathon and back up to 12 projects at $250,000 each at a $10 million valuation.
Memecoin launchpad Pump.fun is spinning up a new investment arm aimed at backing promising startups, in its first significant pivot away from its memecoin roots.
Pump.fun said on Monday it was launching Pump Fund alongside a $3 million hackathon, which would fund 12 projects with $250,000 each at a $10 million valuation.
It added that the investment arm would be “aligning itself with projects long-term,” which do not need to be crypto-related, and that it would provide mentorship from Pump.fun founders.
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