The volume of funds raised by venture capital firm Pantera Capital in a fund aimed at investing in Web3 startups has reached $1.3 billion, according to a conference for the company’s clients, Cointelegraph writes.
By November 2021, the structure had attracted a targeted $600 million. At that time, the company expected the fund to grow to $1 billion by March 2022.
Blockchain Fund funds will purchase equity shares, liquid tokens and coins before they are listed on exchanges.
“Over the next three to four weeks, we will close investment opportunities in the fund as some major institutions complete due diligence,” said Dan Morehead, CEO of Pantera Capital.
The top manager said that a subscription to Blockchain Fund II 2023 would open after that. The structure will be similar to the previous one in terms of its investment policy.
Read More: White Star Capital launches $150 million funds to invest in Web 3.0
The company also announced the launch of the Pantera Select Fund in early May with a target volume of $200 million. Over the next 18 months, the fund will select about 10 mature, revenue-generating projects for investment. The focus is on infrastructure, blockchain games, NFTs, metaverses, DEX and DeFi.
Recall that Morehead called cryptocurrencies the best asset to save savings in February. Before this, the CEO of Pantera Capital predicted that in 10-20 years, up to 50% of all transactions in one form or another would be made using Ethereum.
Previously, Haun Ventures raised $1.5 billion in two Web 3.0-focused crypto funds. The firm is associated with former Andreessen Horowitz general partner Cathy Haun.