The venture firm 6th Man Ventures has raised $140 million of a targeted $145 million for its second crypto fund. The vehicle is geared toward supporting early-stage startups.
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gm
ofc didn’t time macro market to announce @6thManVentures‘ 2nd fund
we are builders & founders ourselves & understand deeply what web3 teams are going through atm
the resilient teams of today will be giants of the next cycle
we want to help you 🤝https://t.co/HTGidDft2O
— Mike DAOdas (🏌️♂️, ⛳️) (@mdudas) May 12, 2022
Partners of the fund include Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures, Animoca Brands and AngelList, Bill Ackman, Mark Andreessen and Chris Dixon of Andreessen Horowitz, Tushar Jain and Kyle Samani of Multicoin Capital, Ben Forman of ParaFi, Kevin Colleran and Sam Lessin of Slow Ventures, and Raj Gokal of Solana.
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The funding volume for selected projects will range from $1–$2 million. The priorities are Web 3.0, DAOs and infrastructure solutions.
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To date, the fund has already backed 20 startups. In addition to financing, 6th Man Ventures advises on marketing, media relations, go-to-market strategy and business development.
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According to the founders of the venture, their investment horizon is ten years, versus about four on average in the sector. 6th Man Ventures does not intend to acquire tokens of projects, allowing teams to focus on product development.
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In the first fund, 6th Man Ventures attracted $7.4 million, investing in more than 100 projects at an average of $100,000 each. Among them are Magic Eden, STEPN, Rainbow Wallet and Etherscan.
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Earlier, Fasanara Capital attracted $350 million into a fund focused on cryptocurrencies and fintech.
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Earlier, Dragonfly Capital launched a new venture fund with $650 million in capital focused on Web 3.0.
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