The fund will also set aside a “considerable portion” for follow-on investments and extended entrepreneurial assistance.
Kraken Ventures is poised to raise an impressive $100 million for its second crypto ventures fund, as confirmed by a spokesperson in direct communication with Cointelegraph.
Drawing from our wealth of experience spanning countless successful early-stage investments, Brandon Gath, the esteemed Managing Partner at Kraken Ventures, conveyed with confidence that this new fund will not only focus unwaveringly on nurturing early-stage founders but will also provide robust support throughout their entire entrepreneurial journey:
“Kraken Ventures’ upcoming fund will unreservedly reinforce our existing thesis while steadfastly championing founders through every stage, from initial capital infusion to the pinnacle of IPO achievement.”
This monumental feat marks the second installment in Kraken Ventures’ impressive portfolio. Its previous fund, unveiled on December 17, 2021, garnered a commendable $65 million, as per reliable sources such as Crunchbase. Notably, the audacious goal of $100 million set for the second fund showcases a remarkable surge, even in the face of a relatively subdued climate in the realm of blockchain and cryptocurrency-affiliated projects.
In line with our resolute philosophy, Gath emphasized that Kraken Ventures firmly subscribes to the belief that “entrepreneurs and investors are best served by leaner funds.” This tenet is supported by overwhelming data indicating that smaller funds consistently outshine their larger counterparts. Hence, it is anticipated that the fund will be strategically channeled into a multitude of projects, eschewing the trend of concentrating resources into one or two colossal investments.
However, it’s worth noting that a “significant portion” of the fund will be judiciously dedicated to fostering follow-up investments, underscoring our commitment to nurturing sustained growth and success.
Noteworthy reports have revealed that Kraken Ventures has artfully allocated investments in over 32 enterprises, predominantly in the Series A funding stage. Most recently, our group played an instrumental role in raising an impressive $15 million for the innovative fintech startup, Rightfoot. This visionary venture is pioneering a data portal tailored for computer-permissioned data, a testament to our foresight and commitment to cutting-edge innovation.
Historical investments within our portfolio encompass a diverse spectrum, ranging from pioneering artificial intelligence entities to trailblazing decentralized finance organizations, and a multitude of forward-thinking blockchain technology companies.
Though operating as an independent and fully autonomous entity, Kraken Ventures is intrinsically aligned with the overarching mission of the esteemed cryptocurrency exchange Kraken. Together, our shared vision is centered around ushering in an era of unparalleled openness and transparency within the financial landscape. We achieve this by staunchly supporting early-stage founders on their transformative journey to crafting revolutionary blockchain-powered products that resonate with this common aspiration.