Key Takeaways
- Bain Capital Ventures is launching a $560 million fund serious about the digital resources dispute.
- Bain has previously backed some crypto-native companies and projects, nonetheless right here’s its first fund dedicated to the asset class.
- It plans to participate in governance for projects and provide liquidity.
Bain Capital Ventures has long been fascinated with the crypto dispute, nonetheless right here’s its first fund dedicated exclusively to the asset class.
Bain Capital Ventures Launches $560M Fund
As funding continues to pour into the crypto dispute, Bain Capital Ventures is doubling down.
The funding massive is launching a $560 million fund known as BCV Fund I that will focal point exclusively on the asset class. It closed in November with $100 million invested into 12 as yet undisclosed projects, Bain Capital Crypto managing partner Stefan Cohen told Bloomberg in an interview asserting the originate.
Bain Capital Ventures has been active in the dispute for several years, with investments in the likes of BlockFi, Digital Foreign money Crew, and the Ethereum-native DeFi staple Compound. Nonetheless, until now, it’s never speed a fund that exclusively invests in the digital resources dispute.
“We’ve change into rather high conviction we are at the starting of a multi-decade technology shift,” Cohen told Bloomberg, echoing sentiments shared by varied Web3-unfamiliar Silicon Valley titans over the last few months. This conviction, Cohen stated, is what spurred the company to originate Bain Capital Crypto.
Bain plans to make employ of the fund to again a selection of projects fascinated with blockchain technology, including startups, DAOs, various Layer 1 networks, and infrastructure. The paunchy $560 million is on the total allocated over the following two to three years across roughly 30 companies. Reminiscent of Sequoia Capital, which final month made a quantum leap in its crypto-associated endeavors with a $600 million fund originate, Bain says it plans to be an active investor, taking portion in governance and providing liquidity.
Bain’s fund originate comes all the contrivance in which thru a rocky interval in the crypto market. The global cryptocurrency market cap is 40% quick of its November 2021 height, with uncertainty over the Federal Reserve’s deliberate rate hikes, an upcoming Govt Expose from President Biden, and the Russia-Ukraine warfare bringing sentiment to lows no longer viewed for the reason that market-wide May per chance per chance well 2021 rupture.
Peaceable, most popular macroeconomic turmoil has carried out tiny to give up the flood of capital pouring into the dispute from project funds. After the likes of Andreessen Horowitz and Sequoia, Bain is most effective essentially the most popular project company to affix the bandwagon with a mega-sized wager.
Disclosure: At the time of writing, the author of this portion owned ETH and several different cryptocurrencies.
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