- Uncorrelated Ventures, a venture capital firm, is set to launch a new investment fund.
- The fund will focus on software and crypto projects.
- The company has successfully raised $315 million, bringing its total assets under management (AUM) to $700 million.
According to a report by Bloomberg, Uncorrelated Ventures has raised $315 million for its new fund, which will primarily invest in software and crypto assets.
Salil Deshpande, CEO of Uncorrelated Ventures, commented that the firm had no difficulty in raising funds and disclosed the investment structure of the fund. He mentioned that 80% of the funds will be allocated for pre-seed and seed financing of projects in the traditional infrastructure software sector, while 20% will be dedicated to promising startups in the crypto asset field.
“Blockchain is a real technology with real use cases. They may have been overrated in the past. Our task as investors is to give them a realistic assessment,” said Deshpande.
The company initially entered the market in 2020 with a focus on the Indian market. Deshpande, who was previously the managing director at Bain Capital Ventures, leads Uncorrelated Ventures.
Uncorrelated Ventures has previously supported projects such as Compound, Cosmos, dYdX, Helium, and Uniswap. The firm currently manages approximately $700 million in assets.
Despite a 68% decline in venture investments in cryptocurrency projects in 2023, many experts still believe that major players are interested in supporting Web3.