Citing the group’s intensive expertise in having accomplished “hundreds of early stage investments,” Brandon Gath, managing companion for Kraken Ventures, advised Cointelegraph in an e-mail that the brand new fund would focus on early stage founders however would supply assist all through the enterprise:
“Kraken Ventures’ (KV) next fund will double down on our existing thesis and continue to support founders through their full journey from initial capital to IPO.”
This marks the second fund from Kraken Ventures. Its earlier fund raised $65 million, in accordance to Crunchbase, and was introduced Dec. 17, 2021. The second fund’s $100 million purpose represents an enormous uptick, even because the enterprise marketplace for blockchain and cryptocurrency-adjacent initiatives seems to be in considerably of a decline.
Gath additionally talked about that Kraken Ventures believes that “smaller funds best serve entrepreneurs and investors, as the entrepreneur gets a more hands-on partner, and data overwhelmingly shows that small funds outperform large funds,” indicating that the fund will doubtless be issued to quite a few initiatives somewhat than one or two large-sized investments.
The e-mail did, nonetheless, level out {that a} “significant portion” of the fund could be devoted to follow-up investments.
#UnitedStates startup Rightfoot Raises $15M Series A Round from Bain Capital, Kraken Ventures, Renegade Partners, BoxGroup https://t.co/raC43BbBzW
— Parsers VC (@Parsers_vc) August 14, 2023
Kraken Ventures has reportedly invested in no less than 32 corporations, with the vast majority of the investments being Series A funding. Most just lately, the group was a part of an effort elevating $15 million for fintech startup Rightfoot, which is constructing an information portal for computer-permissioned knowledge.
Prior investments have included synthetic intelligence corporations, decentralized finance organizations and quite a few blockchain expertise corporations.
According to Gath, although Kraken Ventures is an impartial and absolutely autonomous group, its mission aligns with cryptocurrency trade Kraken, “to create a more open and transparent financial system by backing early-stage founders building blockchain-based products with that shared goal.”
Kraken Ventures plans to raise $100 million for its second crypto ventures fund, in accordance to a spokesperson who confirmed the knowledge in an e-mail with Cointelegraph.
