The new VC crypto fund managed by Glenn Hutchins has already raised $72 million with investments coming from popular personalities of diverse industries. So far, the fund has already invested in seven startups within the space.
On Thursday, February 4, Travis Scher, the former vice president of investments at Digital Currency Group (DCG) announced a new crypto VC fund backed by billionaire investors like Paul Tudor Jones as well popular hip-hop personalities like LL cool J. More importantly, it also has investors like Silver Lake Partners co-founder Glenn Hutchins.Details of the Crypto Fund Launched by Travis ScherSilver Lake Partners is one of the biggest private equity funds with nearly $39 billion in net assets under management. Additional investors also include names like Josh Harris, co-founder of Apollo Group, and Indra Nooyi, former CEO at PepsiCo. As reported by Yahoo, Hutchins will manage this crypto fund via a New York-based firm North Island Ventures. while making this new announcement, Travis Scher said:
“We believe that crypto offers solutions to some of the world’s most pressing problems, and our mission is to support the best entrepreneurs in the world bringing these solutions to life. We have an incredible group of institutional and individual LPs, an exciting early portfolio of seven investments, and a fantastic network of co-investors we love to work with. We’re just getting started!”
As per the details provided by Yahoo, the crypto-focused VC fund has already raised $72 million. Interestingly, the new crypto VC fund has already started fresh investments. Reportedly, the VC fund has made seven investments so far in startups like Dapper Labs, Axelar, Nori, and more. The institutional excitement around cryptocurrencies has spiked up in recent months.Cryptocurrencies Driving an Extraordinary Institutional MomentumAll three managers at North Island Ventures noted that the partners have already been investing in cryptocurrencies for years. It turns out that Hutchins had been investing in Bitcoin (BTC) in 2016 when the price was just $400. During the Hutchins said:
“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud. It is the proverbial next big thing”.
Travis Scher further added that “crypto is no longer a fringe movement”. He adds that there’s “extraordinary momentum behind decentralized solutions” in solving some of the biggest problems. “Our goal at North Island Ventures is to partner with the top entrepreneurs in the world bringing these solutions to life,” he added. Scher noted that “pitching LL Cool J about our fund was a surreal experience”.He believes that cryptocurrencies offer a great opportunity to people from different walks of life. Thus, more people from the entertainment industry are also joining.
