Folius Ventures LLC was founded by Jason Kam, a former director at New York-based Briarwood Chase Management. The new venture is backed by investment firms ParaFi Capital, Dragonfly Capital, and other investors such as Compound founder Robert Leshner and Vance Spencer and Michael Anderson, the founders of Framework Ventures. Kam's previous employer, Briarwood, also is an investor. Folius plans to invest in projects working on so-called Web3 applications, referring to decentralized applications that operate on blockchain networks. The fund is aiming to raise around $50 million. Folius will have a focus on entrepreneurs in Asia.