Pantera Says It’s Raised $1.3 Billion for Blockchain Fund, Plans to Raise More in 2023

Because of inflation, $1 billion does not go so far as it used to, particularly in a crypto financial system the place $100 million raises happen with yawning regularity. Higher, then, to gather $1.3 billion and preserve going for extra. 

Pantera Capital, a enterprise capital agency centered on the crypto house, introduced throughout an investor name right this moment that it has raised $1.3 billion for its Blockchain Fund, which is able to put money into Web3 startups, early-stage tokens and digital tokens with established liquidity ranges. 

It is not planning on holding onto that money for lengthy. Pantera plans on spinning up a sequel to the Blockchain Fund in 2023 after which exploring a growth-stage fund in 2024.

Pantera works by taking investor cash, allocating it towards tasks it finds promising, and delivering returns to traders in change for charges. Pantera’s preliminary aim for this fund, launched in June of final yr, was $600 million. It joins 4 different funds: Enterprise, Bitcoin, Early-Stage Token, and Liquid Token. The agency can also be planning a $200 million Select Fund, to be centered on “extra mature, revenue-generating firms than our typical Seed and Collection A enterprise investments.” 

Regardless of this week’s crypto value correction—which shaved 15% off of each Bitcoin and Ethereum in seven days—spending amongst Web3 enterprise capital companies stays heavy. Prior to now week, NEAR Protocol took in $350 million, Binance US gathered $200 million to construct out the change, and NFT agency Genies reportedly raised $150 million. That does not embody, after all, any of the smaller seed offers for the handfuls of crypto firms popping up daily.

To make these ranges of funding doable, crypto-centric VC companies have been constructing their battle chests. Kathryn Haun, previously a common accomplice at Andreessen Horowitz, final month announced she had raised $1.5 billion for her Haun Ventures to put money into early-stage and rising Web3 ventures. Final June, Andreessen Horowitz itself collected $2.2 billion for its Crypto Fund III. In November, Paradigm, led by Matt Huang and Coinbase co-founder Fred Ehrsam, upped the ante by announcing a $2.5 billion fund. And FTX ventures has $2 billion to play with for its personal Web3 fund.

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