Kraken Ventures bags $65 Million in funding. The amount will go into investments in Web 3.0, DeFi, and other techs in the crypto ecosystem.
Kraken Ventures announced on December 17 that it had successfully closed its first fund, the Kraken Ventures Fund I LP. The independent fund led by Kraken also included a host of global investors. Kraken, the world’s leading cryptocurrency exchange & bitcoin platform was the anchor LP in the fund.
According to Brandon Gath, Managing Partner at Kraken Ventures, the original target for the fund was $50 Million. In a statement made to Blockworks, Gath revealed that the weight of the demand for the fund led to raising its amount. He said that their original goal for the fund was capped at $50M. However, given the significant demand they had for the fund, they had to expand the fund size up to $65 Million.
Gath rejoiced at the fund having successfully raised the target amount. As per him, the fund’s focus is to invest the raised amount to assist a few of the most innovative companies and their extremely talented founders. The investment amount will help accelerate the development of the said companies and their projects.
The Purpose of the Kraken Ventures I LP Fund
The investment firm has a history of investing in the crypto and fintech ecosystems. It has made investments in crypto platforms such as Anchorage, Blockdaemon, Hashflow, Messari, etc in the past.
This investment firm will use the new fund to make investments in Web 3.0, DeFi (Decentralised Finance) and customer crypto protocols. In addition, the fund will target crypto enabling techs such as AI and Machine learning. Also, the fund’s radar will cover the financial infrastructure for crypto.
According to the firm, the fund will power the “forthcoming wave of crypto and fintech innovation”.
Based in San Fransico, California, Kraken Ventures is a venture capital firm. Kraken alumni founded it in 2021 with the purpose of supporting the crypto sector.