EXCLUSIVE: Kraken Ventures seeks $100 million for second fund
Brandon Gath, managing partner of Kraken Ventures, confirmed that the unit is trying to raise another fund, stating that it will “double down” on the firm’s existing thesis and continue to support founders “through their full journey from initial capital to IPO [initial public offering].”
While Kraken Ventures is an independent entity with outside capital, it enjoys “a strong relationship” with Kraken, Gath added.The firm’s fundraising effort comes amid a challenging crypto venture capital landscape, characterized by a downturn in investment volumes and bearish market sentiment. Investment in crypto startups has declined for five consecutive quarters and is expected to continue falling in the current quarter, according to The Block Research Pro. With one and a half months remaining, the third quarter is on pace for$2.5 billion of total investment. By comparison, over $6 billion was invested in crypto startups in the third quarter of last year.
As for Kraken Ventures, it will look to support similar startups with the second fund as it did with its first. Its previous investments include staking infrastructure firm Blockdaemon, liquid staking platform Kiln, custody firm Anchorage and Ethereum scaling network LayerN.
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