According to the reports, Pantera Capital has started working on its third venture fund, with this venture’s funding goal being set at a hefty $175 million. This fund is set to surpass both of the previous ventures, as the previous funds sought $13 million and $25 million respectively.
Pantera Capital’s Third Crypto Venture Fund
Investments in crypto assets are among the newest crypto trends, and Pantera Capital proudly holds the title of the firm that pioneered these investments. Its debut fund arose in 2013, when the company managed to raise $13 million. The second one nearly doubled the funding amount by rising to $25 million. Now, the company is making a seven-fold increase, by aiming at $175 million in funding.
The new filing for the fund offering with the US SEC has noted that the firm has already managed to raise $71 million. This was a product of a commitment from around 90 investors, and the offering started on July 31 of this year. According to reports, this funding round will last more than one year, and the company’s founder, Dan Morehead, became the new filling’s executive officer, along with Pantera Advisors LCC and Matthew Gorham.
One of Pantera Capital’s partners, Paul Veradittakit, stated that the amount that the firm managed to raise so far represents only the first close, with additional ‘closes’ expected to occur in the near future. The filing itself, which was signed by Pantera CFO Ryan Davis, was just signed days ago, on August 15th. So far, none of the officials, including executive officers, directors, or even promoters of this offering, have received proceeds that were proposed as payments.
Pantera’s Executive Team Hold A Strong Belief In Crypto and Blockchain Tech
Similarly to many other companies around the world, Pantera Capital recognizes the potential of blockchain tech, and it views it as the next big step when it comes to the evolution of financial markets. In fact, they even see it as the internet protocol’s ‘final piece’. Because of this, the company has narrowed down its focus exclusively to crypto and blockchain projects. This was also confirmed by Morehead’s recent statement that claims that investments into Bitcoin (BTC) have a potential to increase by 25 times.
Normally, Pantera Capital’s funds offered exposure to around 30 cryptocurrencies. But now, the company has begun a search for innovative projects that show promise. That way, they can maximize their returns, while at the same time, helping these projects to stand on their two feet when they need it the most.
During a recent conference call, Veradittakit stated the next step for the crypto industry is institutional capital and interest. This seems to be the attitude of the other officials of the company as well, considering their support of this statement and their outlook on this nascent space.
Furthermore, Morehead stated last year that the company’s BTC hedge fund received significant investments from unnamed strategic investors, as well as legacy market institutions. These are the investors hold an interest in seeking increased exposure to the crypto world, and their investments have been put to good use ever since. Pantera has since used these funds to invest in an array of projects that have come a long way, including Funfair, 0x, Omise Go and Civic.
However, some of the biggest projects that Pantera Capital invested in during its lifetime are far greater, and they include BitStamp, XRP, Xapo, and Circle. Others, more recent ones, include ZCash, Abra, Polychain, Chain, and Veem.
Image Courtesy of Pantera Capital