- Kraken Ventures aims to raise $100 million in its second fund, focusing on support for early-stage blockchain founders.
- While operating independently, the venture’s mission aligns with the crypto exchange Kraken, aiming for an open and transparent financial system.
Stepping up its commitment to pioneer early-stage blockchain innovations, Kraken Ventures is gearing up for a grand fundraising act, aiming to pool $100 million for its second fund. With a reputation rooted in successfully closing “hundreds of early-stage investments,” this venture capital arm signals a robust backing for the upcoming generation of blockchain entrepreneurs.
Deepening Commitment to Blockchain Innovations
Brandon Gath, the managing partner for Kraken Ventures, shared insights in a communique to Cointelegraph, emphasizing the venture’s unwavering focus on early-stage founders. He elaborated on Kraken Ventures’ strategy, outlining the intent to support these pioneers throughout their entrepreneurial trajectory – from the seed stage right up to their eventual IPO.
In a nod to their past success, Kraken Ventures’ initial fund, launched in December 2021, amassed an impressive $65 million. This fresh endeavor to harness $100 million comes at a pivotal juncture, especially considering the somewhat oscillating landscape of blockchain and crypto-oriented venture investments.
While diving deeper into the venture’s philosophy, Gath highlighted a notable belief in the potential of smaller funds. He asserted that such funds are more entrepreneur-centric, offering them a partner who’s intricately involved. In the realm of returns, data substantiates the claim that smaller funds often eclipse their larger counterparts in performance. This indicates a likely scattering of this fund across multiple innovative projects rather than channeling it into a couple of mammoth investments. However, it’s worth noting that a considerable chunk will be earmarked for follow-on investments, ensuring continuous support for promising projects.
To date, Kraken Ventures’ portfolio boasts investments in a diverse array of 32 companies. Spanning categories from artificial intelligence and decentralized finance to a plethora of blockchain tech entities, their investment prowess is evident. A recent feather in their cap was the fundraising endeavor for fintech trailblazer Rightfoot, championing a $15 million boost for a computer-permissioned data portal.
While Kraken Ventures operates on an independent axis, its overarching mission resonates with the ethos of the renowned cryptocurrency exchange, Kraken. Both entities converge on the shared aspiration of crafting an open, transparent financial ecosystem, with a particular fondness for innovators sculpting the future on a blockchain foundation.