Kraken Ventures managing partner Brandon Gath told Cointelegraph in an email, citing the organization’s extensive experience in closing “hundreds of early-stage investments,” that the new fund will focus on early-stage founders but will be distributed across ventures. provide support:
“Kraken Ventures (KV)’s next fund will double down on what we’ve built and continue to support founders from initial capital to IPO.”
This is Kraken Ventures’ second fund.its previous fund raised According to Crunchbase, the fund announced on Dec. 17, 2021, that it had raised $65 million. The $100 million target for the second fund represents substantial growth, even as the risky market for blockchain and cryptocurrency-related projects appears to have declined.
Gath also mentions that Kraken Ventures believes that “entrepreneurs and investors are best served by smaller funds because entrepreneurs have access to more hands-on partners, and the data overwhelmingly shows that small funds outperform large funds.” , suggesting that the fund may be issued to a wide range of investors. projects rather than one or two large investments.
The email did note, however, that a “substantial portion” of the fund will be earmarked for follow-on investments.
— Parsers VC (@Parsers_vc) August 14, 2023
According to reports, Kraken Ventures has invested in at least 32 companies, and most of the investments are Series A financing. Most recently, the group was involved in raising $15 million for fintech startup Rightfoot, which is building a data portal for computer-licensed data.
Previous investments include artificial intelligence companies, decentralized finance organizations and numerous blockchain technology companies.
Gath said that while Kraken Ventures is an independent and fully autonomous organization, its mission is aligned with that of cryptocurrency exchange Kraken, “to achieve this common goal by supporting early founders to build blockchain-based products, thereby creating a more An open and transparent financial system.”
Kraken Ventures plans to raise $100 million for its second cryptocurrency venture fund, a spokesperson confirmed the information in an email to Cointelegraph.