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Jason Di Piazza, head of capital formation at Blockchain Capital, said most of the firm’s limited partners are traditional institutional investors.
Crypto venture capital (VC) firm Blockchain Capital has raised $580 million for two new funds. The raise is the largest-ever increase in blockchain capital and one of the largest crypto-focused raises this year.
We are thrilled to share the closing of two new funds – our sixth Early Stage Fund and the First Opportunity Fund.
Collectively, they total $580 million and serve to reinforce our commitment to leading the global transition to decentralized, blockchain-based systems.https://t.co/Vr2uYnGlF7
– Blockchain Capital (@BlockchainCap) 18 September 2023
The VC’s two new funds will focus on investing in startups working in decentralized finance (defi), gaming, infrastructure, and consumer and social innovation.
The first fund will serve as VC firm Blockchain Capital’s sixth early-stage fund, while the second will be its first “opportunity fund.” The early-stage fund has been allocated $380 million and will focus on startups and protocols in pre-seed and Series A rounds. The Opportunity Fund will focus on later-stage investments starting with Series B and has been allocated $200 million.
The company will not limit itself to any specific sector in its investments. according to a Press releaseThe fund aims to use blockchain technology to “reset incentives, reestablish user trust, and reframe the social contract of our increasingly digital world.”
“The end game is to increase personal empowerment by giving individuals control over their digital and financial lives through innovative blockchain-enabled applications and services. It is the vision of a democratic and distributed future that guides our passion and investment decisions,” the VC said in the press release.
In a statement emailed to CoinDeskJason Di Piazza, head of capital formation at Blockchain Capital, said most of the firm’s limited partners are traditional institutional investors such as university endowments, private foundations, financial institutions, sovereign wealth funds and US pension plans.
“Additionally, we have non-traditional, strategic investors who are category leaders in their specific sectors,” Di Piazza said, “Although these investors are generally more strategic in their fund commitments, the long-term nature of our funds Takes us forward.” Long-term partnerships that can help accelerate growth opportunities and improve the competitive position for our fund’s companies and protocols.
These partners include Visa and PayPal – leaders in the payments space. Both participated in Blockchain Capital’s fifth early-stage fund in 2021, but have not yet committed to any of the latest funds.
Mercy Mutanya is a tech enthusiast, digital marketer, author and IT Business Management student. She enjoys reading, writing, doing crossword puzzles, and watching her favorite TV series.
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