Arca launches a $30 million venture fund with Galaxy Digital backing

Arca, a digital asset investment-management firm, has launched its first venture fund for the digital asset ecosystem, with commitments exceeding $30 million.

According to the press release, the Arca Endeavour Fund targets investments in early-stage projects. Among its focus areas are DeFi, gaming, Web 3.0, infrastructure NFT, financial services and insurance.

The fund has already made several initial investments.

The portfolio-management duties have been assumed by Arca veteran David Nage. He was joined by the firm’s chief operating officer, Michael Dershevits. CIO Jeff Dorman chairs the fund’s investment committee.

The anchor investor in Endeavour was Galaxy Digital’s venture arm led by Mike Novogratz.

In January 2021, Arca raised $10 million in a Series A round. The company’s CEO Rayne Steinberg stated at the time that “the deployment of digital assets as a mechanism for capital formation is the greatest innovation in financial services.”

“Digital assets have fundamentally changed the dynamics of the relationship between founders and investors, and the Arca Endeavour Fund closes the gap between them,” noted David Nage.

As Crunchbase News reports, in the first half of 2021 the volume of venture funding in the blockchain industry reached $8.8 billion.