Venture firm Pantera Capital, focused on the blockchain space, announced the completion of raising funds for its new fund, after it managed to raise $ 160 million. The company did not reach its stated goal of $ 175 million, a monthly official letter published this Wednesday shows.
According to the announcement, the Californian company has already invested $ 38 million from the Venture Fund III (VFIII) fund in 11 projects. In total, Pantera intends to finance 35 companies with an average transaction size of $ 3.5 million and a target share in each of them about 11%.
The venture firm relies on infrastructure projects and cryptocurrency exchanges and to date has allocated 35.1% and 29.4% of VFIII capital to finance these sectors, respectively.
Some of the most successful investments in our previous two venture funds have been cryptocurrency exchanges and we still think there’s opportunity to invest in them. To date, 29% of Venture Fund III’s capital has been invested in this category. With VFI and VFII, we invested in two types of exchanges. First, we were investing in exchanges for buying and selling Bitcoin. Then, as some of the exchanges were bound in overseas jurisdictions, we invested in more exchanges set up geographically. With VFIII, we are investing in two types of exchanges. The first is institutional-grade exchanges, like the Fund’s first investment, Bakkt. The idea with Bakkt is that, if you’re a hedge fund on Wall Street, a high-frequency trader, or anybody who is used to trading on traditional exchanges, this is the exchange you would go to trade cryptocurrencies.
In February, it became known that in the previous six months Pantera was able to raise $ 25 million and had capital of $ 125 million for VFIII. Thus, over the past month, the company has raised another $ 35 million, which is consistent with its optimistic outlook on the opportunities that exist in the blockchain space and cryptocurrency.