Pantera Capital Seeks $175 Million for Third Crypto Venture Fund
Crypto hedge fund Pantera Capital is seeking to raise $175 million for its third venture fund, a staggering three-fold increase from its previous fund target.
For Pantera’s debut fund in 2013, the firm had raised $13 million, rising to $25 million for its second. TechCrunch quotes Pantera partner Paul Veradittakit as noting the new target is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds”:
“With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”
As a recently processed SEC filing shows, Pantera has so far closed $71 million in capital from around 90 investors.
Alongside its “traditional” venture funds, Pantera has been adapting three other crypto-specific strategies for investors looking to enter crypto, TechCrunch notes.
One comes via a hedge fund that focuses on Initial Coin Offerings (ICO), connecting developers with investors when a project is still in the earliest of stages and helping investors to navigate an unregulated, and for many, uncharted space.
Another is a venture fund that targets already-listed crypto assets, using machine learning as well as input from the fund’s partners to optimize investments. As Veradittakit told TechCrunch, this fund is for:
“if you aren’t sure that Bitcoin will remain the dominant cryptocurrency, or you’re interested in other use cases that may arise, or you just want to build a diversified portfolio of assets that have asymmetrical returns as bitcoin, or maybe return even more because they feature lower valuations.”
As Cointelegraph has reported, enterprise-focused blockchain startup Axoni this month saw a fresh infusion of venture capital in a $32 million funding round led by Goldman Sachs, which was joined by numerous others including VC firm Andreessen Horowitz and other high-profile banks such as Wells Fargo and JPMorgan.