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London-based venture capital firm Blossom Capital, founded by Candice Lo, Imran Ghory, Mike Hudack and Ophelia Brown, plans to put more money into the growing cryptocurrency ecosystem. On Jan. 18, Blossom announced a new fund worth $432 million, one-third of which will be allocated to early-stage crypto companies.
One-third of Blossom’s new $432 million fund goes to backing crypto companies
On Tuesday, Blossom Capital Announce Create a new venture fund worth $432 million, with a third of the funding going to digital currency startups, according to the firm. Blossom is a venture capital firm founded in 2017 that uses Series A financing to invest in European companies. The new $432 million fund will also be allocated to early-stage startups seeking Series A funding.
Blossom has previously backed companies such as checkout.com, digital currency company Moonpay and online travel platform Duffel.company contributed Moonpay raised $555 million in November 2021 led by Tiger Global Management and other strategic investors. Managing partner Ophelia Brown explained in Tuesday’s announcement that she receives funding from prominent U.S. universities and endowments.
“They share our belief that early-stage capital can have a huge impact on a company’s trajectory,” Brown said in a statement. “With this new fund, we will continue our high-conviction strategy of providing foundational funding to entrepreneurs. .”
Venture Fund Dedicated to Crypto Continues to Grow
Blossom’s new fund announcement — explaining that a third of the fund will go to early-stage crypto companies — comes on the heels of a slew of venture capital funds that have been launched to support crypto, blockchain, and Web3 adoption. January 14, FTX roll out A venture fund called FTX Ventures has provided $2 billion in funding for Web3, blockchain and crypto companies. Seven Seven Six Ventures from Polygon and Alexis Ohanian launched $200M Social Media Web3 Fund Mid-December 2021.
In June 2021, Andreessen Horowitz (a16z), a Silicon Valley venture capital firm founded by Marc Andreessen and Ben Horowitz, roll out $2.2 billion crypto venture fund. “Crypto is not only the future of finance, but like the early days of the internet, it promises to change every aspect of our lives,” wrote the fund’s founding partner at the time. In addition to revealing the new fund, Blossom Capital also hired Alex Lim as the investment firm’s principal. New managing partner.
“Founders need more than funding from early investors; they need partners who go above and beyond to make them successful,” Lim detailed. “We have built diverse partnerships and tailor-made service offerings, and are continually pushing ourselves to provide a higher level of service to European founders.”
What do you think of Blossom Capital launching a $432 million VC fund and spending a third of it on crypto companies? Let us know what you think about this topic in the comments section below.
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