- Before that, the company successfully closed another fund, but it was already $65 million.
- The firm believes that investing in this format carries the most benefit for entrepreneurs.
Kraken Ventures is in talks with investors to raise $100 million for a new fund. This is reported by The Block, citing the firm’s managing partner Brandon Gata.
“We have a lot of experience supporting projects at various stages. We have successfully led hundreds of investments in blockchain, fintech and global technology solutions. We also believe that it is the smaller funds that best serve entrepreneurs and investors, as the depositor gets a functional partner,” Gat emphasized.
He did not specify what stage the negotiations are at. Notably, this is the second Kraken Ventures fund to do so. The first, for $65 million, closed in 2021.
Blockdaemon, Anchorage, Messari, Hashflow, Acala and pStake are among the projects in which participants’ funds were invested.
According to PitchBook, the amount invested ranged from $500,000 to $2.5 million. The fund has supported primarily fintech and Web3 startups.
According to Gat, Kraken Ventures has a close relationship with the cryptocurrency exchange of the same name. However, they are two separate entities, he emphasized.
We previously covered a report from analysts at Kaiko, who noted the platform’s strengthening position in the US. In particular, the exchange has become a leader in terms of depth of coverage of the altcoin market.
The exchange has become a leader in terms of depth of coverage of the altcoin market.