Kraken Ventures to raise $100M in second fund with focus on ‘early stage founders’

Citing the group’s in depth expertise in having accomplished “tons of of early stage investments,” Brandon Gath, managing associate for Kraken Ventures advised Cointelegraph, in an e-mail, that the brand new fund would give attention to early stage founders, however would supply help all through the enterprise:

“Kraken Ventures’ (KV) subsequent fund will double down on our current thesis and proceed to help founders via their full journey from preliminary capital to IPO.”

This marks the second fund from Kraken Ventures. Its earlier fund raised $65 million, in accordance with Crunchbase, and was introduced December 17, 2021. The second fund’s $100 million goal represents an enormous uptick, even because the enterprise marketplace for blockchain and cryptocurrency-adjacent initiatives seems to be in considerably of a decline.

Gath additionally talked about that Kraken Ventures believes that “smaller funds greatest serve entrepreneurs and traders, because the entrepreneur will get a extra hands-on associate, and information overwhelmingly reveals that small funds outperform massive funds,” indicating that the fund will doubtless be issued to quite a few initiatives fairly than one or two large-sized investments.

The e-mail did, nonetheless, level out {that a} “good portion” of the fund could be devoted to follow-up investments.

#UnitedStates startup Rightfoot Raises $15M Collection A Spherical from Bain Capital, Kraken Ventures, Renegade Companions, BoxGroup https://t.co/raC43BbBzW

— Parsers VC (@Parsers_vc) August 14, 2023

Kraken Ventures has reportedly invested in not less than 32 firms, with nearly all of the investments being sequence A funding. Most not too long ago it was a part of an effort elevating $15 million for fintech startup Rightfoot, which is constructing an information portal for computer-permissioned information.

Prior investments have included synthetic intelligence firms, decentralized finance organizations, and quite a few blockchain know-how firms.

In keeping with Gath, although Kraken Ventures is an impartial and fully-autonomous group, its mission aligns with cryptocurrency change Kraken, “to create a extra open and clear monetary system by backing early-stage founders constructing blockchain-based merchandise with that shared purpose.”

Kraken Ventures plans to lift $100 million for its second crypto ventures fund, in accordance with a spokesperson who confirmed the data in an e-mail with Cointelegraph.