Initially, the investment fund sought to raise $ 50 million, but due to increased investor interest, this amount was increased to $ 75 million.
The fund intends to direct 75% of investments to projects of North American companies and 25% to international startups. Tribe Capital, a venture capital firm with over $ 1.3 billion, has previously shown deep interest in the crypto industry. She invests about 20% of assets in cryptocurrency projects. In particular, the Kraken and FTX cryptocurrency exchanges.
San Francisco-based Tribe Capital will only work with the cryptocurrency market, giving preference to long-term deals in projects at an early stage of product creation. SAFT agreements will be used as an investment contract. This type of contract allows holders to receive only service tokens of the project at a certain point in the future, when the product is fully ready and operational.
Tribe Capital’s investment portfolio includes securities from companies such as Digital Currency Group, CoinDesk’s parent company. In September, the fund, in a Series A funding round, invested $ 10 million in Floating Point Group, which offers custody and algorithmic asset trading services to institutional investors.
More and more large venture capital companies on the market are paying attention to promising cryptocurrency projects that are at the initial stage of product development. For example, venture capital firm Morningstar Ventures is investing $ 15 million of its capital in startups building applications on Elrond and launching an incubator in Dubai to develop projects based on this blockchain. The venture capital company NFX announced the launch of the NFX Fund III, which will invest from $ 500 thousand in developers creating technological solutions in cryptocurrencies. EMURGO has set up a $ 100 million investment fund to support early-stage DeFi and NFT projects on Cardano.
