TLDR:
- Venture capital firm Uncorrelated Ventures has raised $315 million for a new fund focusing on software and crypto.
- The fund will allocate around 80% to early-stage traditional software investments and 20% to crypto startups.
Venture capital firm Uncorrelated Ventures has raised $315 million for a new fund focused on software and cryptocurrency. The firm, which is backed by Bain Capital, plans to allocate around 80% of the fund to early-stage traditional software investments and the remaining 20% to crypto startups. This comes despite a poor 2023 for VC deals in the crypto industry.
Uncorrelated Ventures has previously backed crypto projects such as Compound, Cosmos, dYdX, Helium, and Uniswap. General Partner Salil Deshpande stated that the fund aims to properly value and invest in real technology with real use cases. The firm was formed in 2020 and has over $700 million in assets under management invested in more than 100 companies.
Crypto venture funding experienced multi-year lows in 2023 due to high-profile collapses and bankruptcies of firms like FTX, Celsius, and Three Arrows Capital. Funding dropped to $552.8 million in Q4 2023, down over 95% from its peak in Q1 2022. Despite the challenging environment, Uncorrelated Ventures has successfully raised a significant amount for its new fund.
Key Points:
- Venture capital firm Uncorrelated Ventures has raised $315 million for a new fund focused on software and crypto.
- 80% of the fund will be allocated to early-stage traditional software investments.
- The remaining 20% will be invested in crypto startups.
- Uncorrelated Ventures has previously backed projects such as Compound, Cosmos, dYdX, Helium, and Uniswap.
- The fund aims to invest in real technology with real use cases and properly value them.
- Crypto venture funding dropped to multi-year lows in 2023 due to high-profile collapses and bankruptcies.
- Funding fell to $552.8 million in Q4 2023, down over 95% from its peak in Q1 2022.
