Bain Capital Ventures one of the world’s biggest startup-investment firms is launching a $560 million fund focused exclusively on crypto-related efforts.
The fund closed in December, and the firm has already invested $100 million into a dozen efforts, which it doesn’t yet disclose, said Stefan Cohen, a managing partner at Bain Capital Crypto, which is running the fund.
Bain Capital Ventures has been investing in crypto for the last seven years, pouring money into crypto lender BlockFi Inc., decentralized-finance lender Compound, and Digital Currency Group, which runs a slew of crypto-related businesses. But its new BCV Fund I is the first fund focused just on this market.
Bain is looking to use the fund to invest into everything from crypto startups to decentralized autonomous organizations (DAOs) in areas such as Layer 1 blockchains — ones that compete with the likes of Ethereum — and storage. It expects to deploy the fund in the next two to three years, and invest in perhaps 30 companies, Cohen said. And it’s planning to be a much more active investor than is typical — as many crypto startups demand.
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