Quick take:
- Fund of funds, Cendana, was the largest investor in the raise, with $15 million, according to a report by Fortune.
- This is the second fund from co-founders Salvador Gala and Mahesh Ramakrishnan, and is valued at $61.74 million, more than three times the size of their first fund.
- The growth-oriented venture firm plans to use the capital to accelerate Decentralized Physical Infrastructure Network (DePIN) projects focused on telescopes, solar energy, and more.
Escape Velocity, a growth-oriented cryptocurrency venture firm, has raised $61.74 million for its second fund. The fund closed in December and has attracted some high-profile cryptocurrency investors, including the likes of A16z’s Marc Andreessen and Ribbit Capital’s Miki Malka.
According to a report By Fortune The fund of funds, Cendana, was the largest investor in the raise with $15 million.
The new fund is more than three times the size of Escape Velocity’s first $20 million fund, announced in 2022, which attracted participation from the founders of Andreessen Horowitz, Multicoin and Framework Ventures.
The firm’s activity in DePINs since its first fund has seen it invest in ventures such as solar startups daylight And the glow.
Although DePIN was popular when it first emerged as a major mover in the cryptocurrency space, it has since faded dramatically, partly impacted by the bearish cryptocurrency market and the shift toward artificial intelligence from a venture capital perspective.
However, Escape Velocity’s Ramakrishnan, one of the sector’s biggest and most loyal supporters, believes the future is still bright, telling Fortune that it’s only a matter of time before one of the major players breaks into the mainstream.
“A lot of what I’ve seen in the last three years are DePIN projects that launched tokens before they had anything — they launch tokens based on hype and based on the idea,” he said.
According to information on its website, Escape Velocity is also looking to support startups in artificial intelligence and advanced analytics, health and life sciences, advanced manufacturing and materials, supply chain and logistics, fintech and insurance, among others.
Stay up to date on things:
Subscribe to our newsletter using This link -We will not send spam!
