Pantera Capital, one of the largest cryptocurrency hedge funds in the world, has sealed $130 million out of a $175 million target for its third crypto venture fund. According to a press release obtained by 24CryptoCurrencies on February 22, this is a significant increase from Pantera’s debut fund in 2013, when the company raised $13 million.
The company’s second venture fund, however, raised $25 million, making it among the largest crypto funding rounds ever recorded. Pantera’s $175 million target for 2019 was directly influenced by “how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds,” the company said back in August 2018.
“Blockchain venture equity continues to be very strong, both in terms of returns and deal flow. Pantera’s first two venture funds, which were launched in 2013 and 2015, are currently valued at 7.2x and 2.8x, respectively. [For the third,] we’ve raised $130mm of the $175mm fund in the previous closing. Venture Fund III will have its final close on March 28th,” Bill Healy, the president of Pantera, said.
According to a CNBC report, $100 million from 140 investors had already been raised by the middle of August 2018. The fund has a decade-long investment period and offers investors equity in a blockchain company in return for their capital.
“Our third blockchain venture fund has invested $30 million into nine portfolio companies. Pantera was joined by BCG and Microsoft as a founding investor in Bakkt, the newly formed subsidiary of the parent of the New York Stock Exchange (Intercontinental Exchange – NYSE: ICE). Pantera led the funding rounds in five deals, including Blockfolio and, most recently, Staked. Our investments in StarkWare and Synthetic Minds have also been announced,” Haley revealed.