Quick take:
- 1RoundTable said the fund focuses on growth-stage companies across three major segments: infrastructure, blockchain and financial services.
- The fund will also look to invest in smaller segments: blockchain gaming, NFTs and metaverse.
- The fund has already attracted major investors including large family offices, sovereign entities or national entities.
Crypto-focused venture capital firm 1RoundTable Partners has announced it is raising up to $800 million for a new venture fund focused on growth-stage startups. The company plans to raise at least $200 million by the time it closes the fund in March 2024.
According to Dan Tapiero, the CEO, CIO and managing partner of 10T Holdings and 1Roundtable Partners, now is the “single best time to invest in companies.”
Speaking to TechCrunch+ on Tuesday, Tapiero expressed his optimism despite the current state of the crypto market. The industry has experienced a decline in funding despite a resurgence of the Bitcoin price and multiple altcoins over the past twelve months.
Funding for Web3 startups in particular fell for the eighth consecutive quarter in Q4, 2023, with a tally of $1.1 billion according to CrunchBase.
“The deals right now are incredible,” he told TechCrunch+, adding “The prices in the secondary are 50% to 80% discounted from previous rounds – and that’s for companies that are doing well, too.”
According to Tapiero, his new fund targets three major segments in the crypto space, including infrastructure, blockchain and financial services. The fund will also seek to invest in “smaller” segments like blockchain gaming, NFTs and metaverse.
Although Tapiero sees few growth equity investors seeking opportunities in the crypto space amid the bear market, his new fund has already attracted major players in the industry.
“It’s never been the case that the landscape has been this empty, so we’ll raise as much as we can. We’re seeing some strong interest from really large players like large family offices, sovereign entities or national entities that want exposure to the space and are essentially new,” he said.
According to Tapiero, the fund has already received some investments from backers and invested in some projects.
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