- The fund plans to continue investing in early-stage Web3 protocols, companies and applications.
- The venture capital firm’s pther portfolio companies include Protego Trust, NFTfi, Squads, among others.
- Its limited partner base includes funds-of-funds, multi and single family offices, notable web3 entrepreneurs and more.
Web3-focused venture capital firm, Reciprocal Ventures, today announced the close of an oversubscribed $68.5 million second fund. The firm is a seed investor in Solana and The Graph.
Reciprocal plans to continue investing in early-stage protocols (tokens) and companies (equity) across DeFi, institutional capital markets, the web3 protocol and software stack, as well as novel web3 applications.
“This fund not only marks a meaningful opportunity for us as investors, but a special evolution of Reciprocal Ventures as a firm,” said Reciprocal Founder Michael Steinberg. “We founded Reciprocal to be a thesis-driven venture firm supported by a fundamental, technology-centric research process. This methodology was our North Star during the 2018-2020 bear market, helping us identify and fund seed projects like Solana, Blockdaemon, and The Graph, which are now cornerstones of web3.”
Reciprocal Ventures’ second fund has already invested in over 20 companies including blockchain infrastructure builder, Blockdaemon, which was recently valued at $3.25 billion. Other Web3 portfolio companies include Protego Trust, NFTfi, Squads, Ceramic Network, Jet Protocol, and Flux Protocol.
The firm’s limited partner base includes funds-of-funds, multi and single-family offices, notable web3 entrepreneurs and reputable investment managers. These include Steve Cohen (Founder of Point72), Mark Kingdon (Founder of Kingdon Capital), Stephen Pagliuca (Chairman of Bain Capital), and a co-founder of Apollo Global Management, among others.
“We have been investing in web3 for over five years and believe the space is hitting an inflection point in terms of developer and user traction,” says Craig Burel, Partner, Reciprocal Ventures. “As entrepreneurs ourselves, we operate as an extension of the teams we back, and in many cases are an early customer and design partner. All founders are unique, and we help them find success with a combination of our direct support and access to our network of more than 60 active advisors.”
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