Kraken Ventures seeks investors to launch new fund
Kraken Ventures seeks investors to launch new fund
Kraken Ventures, the venture capital arm of cryptocurrency exchange Kraken, is seeking investors to raise a second fund amid challenging market conditions.
The company is looking to raise a $100 million fund and is actively seeking potential investors. The search for a second fund comes at a time when the cryptocurrency market is experiencing a decline in investment and bearish sentiment.
The collapse and bankruptcy of major cryptocurrency companies in 2022, including Terraform Labs, Three Arrows Capital, and FTX, have eroded investor confidence and reduced investment flows into the sector, according to The Block.
The second fund's $100 million size is significantly larger than the first fund's $65 million. It is worth noting that Kraken Ventures will continue to support startups selected in the first stage, such as Blockdaemon, Kiln, Anchorage, and Ethereum network LayerN.
Kraken Ventures remains committed to its strategy of providing ongoing support to new startups, from early-stage funding to global recognition, including IPOs.
"The Kraken Ventures team has significant experience in early-stage investing, having completed hundreds of early-stage investments across blockchain, fintech, and deep tech," said Brandon Gath, managing partner of Kraken Ventures.
Brandon Gath also said that Kraken Ventures is an independent organization with external funding, but it maintains a strong connection to the Kraken exchange.
See also: Base has been ranked among the top 3 best NFT platforms.
