Kraken Alumni-led independent mutual fund focused on early stage companies and protocols, Kraken Ventures, announced the successful closing of its first $ 65 million fund. The fund currently holds positions in platforms such as Hashflow, Pstake, Acala, Blockdaemon, Anchorage and Messari.
Kraken Ventures Announces $ 65 Million Fund I LP
A tremendous amount of money has been poured into funds that provide early-stage liquidity to crypto companies and blockchain protocols. Software startups have a variety of funds to choose from when developing concepts, game finance (Gamefi), play-to-earn (P2E) protocols, decentralized funding (defi), non-fungible tokens (NFTs), and other types of crypto include and blockchain solutions.
For example, Binance Smart Chain and Animoca Brands recently launched $ 200 million Crypto Gaming Incubation Fund, and a new Web3 fund was initiated by Solana Ventures, Forte and Griffin Gaming. Mid-November Kucoin Labs started a $ 100 million Metaverse fund and Paradigm in the same week revealed a $ 2.5 billion venture fund.
On Friday, Brandon Gath, Managing Partner of Kraken Ventures, announced the launch of the US $ 65 million Kraken Ventures Fund I LP. The Fund will seek initial investment in companies and protocols starting at $ 500,000 and going up to $ 2 million.
The organization said Fund I LP will power the “next wave of crypto and fintech innovation”. Kraken Ventures specifically mentioned consumer crypto-protocols, artificial intelligence (AI), machine learning, financial infrastructure, Web3, and decentralized financing (defini).
“We are very pleased to have successfully completed our first fund,” said Gath in a statement. “Our long-term view of investing and the ability to leverage Krakens experience in building a truly global, scalable platform have definitely contributed to the overwhelming interest from investors.” The managing director of Kraken Ventures added:
Our focus now is on putting that money to work and helping some of the most innovative projects and their exceptionally talented founders accelerate the development of their companies and protocols.
Kraken Ventures also announced that Laurens De Poorter has been appointed European head of the fund. The new leadership in Europe is part of Kraken Ventures’ global expansion and De Poorter says the “European crypto scene is booming”.
“With the influx of institutional money and the impending wave of regulation, one of the most promising areas will be the interface between crypto and fintech,” added the European head of Kraken Ventures.
What do you think of Kraken Ventures raising $ 65 million for its Fund I LP, which focuses on early stage crypto businesses and blockchain protocols? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Source: Crypto News Austria