What's Cooler Than A Crypto Fund? A Second Fund Close At $110,000,000
Plus a slew of other fundraising news. Can you say 'bull market?'
Happy Monday, Blockfolians
The Lede
It was a BIG day for fundraising news today (just check out “Highly Relevant Reading”), but right at the top of the heap was the news that Electric Capital had closed a new $110m fund for Seed and Series A investments.
As if this weren’t exciting enough, CoinDesk is reporting that 90% of the fund came from institutions.
Electric Capital invests in companies across Layer 1 protocols, DeFi, and crypto businesses, meaning that the institutional participation suggests a broadening of what that type of LP is looking for from just beyond bitcoin.
This is good news for the crypto industry in terms of precedent as well as in terms of having more good actors capitalized and ready to deploy. Congrats!
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Highly Relevant Reading
Huobi launches a DeFi investment fund with ‘tens of millions’
A new SciFi blockchain-based massively multiplayer online strategy game has raised $3.1m via private security token
Matic has launched a $5m developer fund
Uh oh. The creator of a YFI fork seems to have exit scammed.
Community Commentary
A sitting Congressman with this much knowledge about the space has to be bullish.
This is bull market talk.
A Really Big Number We Should Be Paying Attention To
$1,000,000,000,000
That’s the (almost) aggregate total transaction volume of Ethereum since its launch exactly five years ago.
Final Thought
Seriously, this story is wild.
