Crypto investment firm Pantera Capital has reportedly secured $125 million of the $175 million being raised for its third crypto venture fund.
According to a recent report by CoinDesk, $25 million has been secured since last August when Pantera told CNBC that it already had $100 million in capital committed to the new fund.
The new fund will focus on later stage rounds to support more mature crypto companies, as opposed to earlier funds that targeted the seed stage round. Pantera partner Paul Veradittikit told Coindesk that it has taken a little longer to raise the fund due to the ongoing bear market, but that there’s been interest from high net-worth individuals and family offices.
The slide deck obtained by CoinDesk notes that Pantera’s prior two funds have invested in a total of 44 companies and the new $175 million will be deployed to between 30-50 companies. The slide deck lists six areas the VC firm is exploring: custody, commercial exchanges, asset management, institutional tools, infrastructure and marketplaces.
This latest development does not come as a surprise, as Pantera’s venture funds have significantly outperformed the larger crypto market over the past year.
Data released in December showed that Pantera Venture Fund II’s portfolio value was up nearly 60% through the first 3 quarters of 2018. For comparison, Bitcoin was down 53.3% while the Bitwise 10 Index was down 61.5%.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.