- DeFiance Capital has completed the first close of a $100 million liquid token fund.
- Sources familiar with the matter said the first round raised less than $50M according to The Block.
- The company first revealed in September that it was raising $100 million for a liquid token fund.
DeFiance Capital has completed the first round of its $100 million liquid token fund. Arthur Cheong’s web3 venture capital firm has reportedly raised an eight-figure amount, The Block reported citing sources familiar with the matter.
According to the report, one source said the company’s first close was lower than $50 million. DeFiance revealed in September last year that it was raising $100 million for a liquid token fund.
The firm was previously linked to the bankrupt Three Arrows Capital, but founder Cheong has since distanced DeFiance from the embattled Singaporean VC, calling his company an independent investment fund.
Cheong appeared to confirm reports suggesting his company has closed the first round of a $100 million fundraising via Twitter by quote-tweeting The Block’s post.
The fundraising also comes at a time when the crypto market is experiencing one of its longest bearish runs following last year’s events that saw major players like crypto exchange company FTX, Voyager Digital, and 3AC go under.
Some investors have taken advantage of the bear market to invest, which is also what Cheong appears to have suggested in his tweet.
“Crypto generally peak on unbridled optimism, bottom on hopeless pessimism…No better time to invest,” he wrote.
DeFiance Capital invests across multiple verticals in the web3 space, including decentralised finance (DeFi), web3 infrastructure, non-fungible tokens (NFTs), gaming and the metaverse, among others.
With this particular fund, the company plans to invest in tokens that are trading below venture round valuations.
Last March, DeFiance Capital co-led the NFT roleplaying game Crypto Raider’s $6 million with Delphi Digital. In April, the company also invested in Blast Royale’s $5 million private token sale led by Animoca Brands.
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