Lattice Capital Secures $60M to Invest in 40-50 Web3 Startups

Lattice Capital will invest $500,000 to $1.5 million in early-stage crypto projects after completing a $60 million funding round for its second fund.
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Quick take:

  • Lattice Capital has closed a $60 million fundraising for its second crypto fund.
  • The company is looking to invest $500,000 to $1.5 million in 40 to 50 companies.
  • The early-stage venture capital investor had raised $20 million for its first crypto fund.

Lattice Capital has announced the successful completion of a $60 million funding round for its second crypto fund. This brings the total amount raised by the web-focused early-stage venture capital firm to $80 million after raising $20 million for its first fund.

Lattice Capital is targeting 40 to 50 companies with its new fund. The company said it will invest $500,000 to $1.5 million per project.

According to Mike Zajko, general partner at Lattice, the firm has already deployed capital to nine startups, including Optic, which is so far the only publicly announced Web3 startup to have received funding from the crypto-focused VC, Coindesk reported, citing an exclusive interview.

According to Optic’s announcement of its $11 million fundraising last month, the startup creating an AI-based platform to help creators and collectors to authenticate non-fungible tokens (NFTs).

According to the US Securities Exchange Commission filings, Lattice Capital launched its second crypto fund in February but never reported any activity publicly until now.

Like other venture capital firms that are hands-on in any projects they back, the company has a rich team of experts that work with companies that the fund invests in, general partner Regan Bozman said.

Lattice Capital successfully raised $60 million despite the current crypto market. That shows belief in the industry and Zajko confirmed the firm’s unfazed view about the crypto winter. 

“We continue to be impressed by the talent entering the crypto space and welcome a bear market as an advantageous time for committed investors like us to partner with promising new projects that are as excited to build in a bear as a bull,” he said.

The crypto market has been on a  downward trend since late last year. However certain segments of the industry like blockchain gaming and NFTs have proved more resilient than the financial-focused decentralised finance according to a recent Dapp Radar report.

In fact, the web3 space is already outperforming last year in terms of venture capital funding. A recent report by Reuters estimates that the crypto market raised $17.5 billion during the first six months of 2022. That puts it on course to surpass 2021’s total of $26.9 billion.

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