Pi Network has announced the launch of a $100 million venture fund aimed at backing startups building on its blockchain platform. Dubbed Pi Network Ventures, the fund will deploy capital in both Pi (PI) tokens and U.S. dollars to support projects that contribute to the network’s ecosystem.

The announcement, made on May 14, states the initiative will target companies from early-stage to Series B, focusing not only on crypto but also in AI, fintech, payments, e-commerce, and social apps. The foundation behind Pi Network says it aims to replicate the model of traditional Silicon Valley VCs, promising a rigorous selection process to identify high-impact startups.

A key funding source will be the 10% of Pi tokens reserved for ecosystem development. The Pi Foundation describes itself as an “ownerless” body devoted to long-term support of the platform. Through Pi Network Ventures, the group hopes to drive adoption, create new use cases, and grow the utility of the PI token.

However, the announcement arrives amid mounting scrutiny. Critics accuse Pi Network of operating like a pyramid scheme due to its referral-based growth strategy. Others have raised concerns over transparency, citing vague documentation and unclear tokenomics.

PI token’s recent performance hasn’t helped either — it has plunged over 65% since its mainnet launch in February and currently trades 25% below its peak. While the new venture fund signals ambition, the controversy surrounding Pi’s legitimacy continues to cast a long shadow over its future.