multicoin capital debuts new $100m fund to bet on crypto startups and tokens
The Surge in Crypto Startup Funding
The cryptocurrency sector is experiencing a period of significant growth, with currencies achieving record highs and investor interest reaching peak levels. This has led to a substantial increase in funding for blockchain startups.
Investment firms specializing in crypto, which have been actively investing for years, are now witnessing considerable progress within their portfolios.
Following a prolonged period of reduced activity known as a "crypto winter," these firms are also seeing renewed confidence from their Limited Partners (LPs), enabling them to make larger and more ambitious investments.
Multicoin Capital's New Venture Fund
Founded in 2017 and based in Austin, Texas, Multicoin Capital has consistently focused on investing in blockchain startups, cryptocurrencies, and related tokens through both a venture fund and a separate hedge fund.
The firm recently announced the successful closing of its second venture fund, totaling $100 million.
This new fund will be utilized to support emerging companies within the crypto space, specifically those focused on areas like DeFi (Decentralized Finance), digital collectibles, Web3, and the underlying infrastructure that enables crypto functionality.
Team Expansion and Strategic Timing
Multicoin Capital reports that investments from the new fund have already been underway for several months.
The timing of this announcement coincides with the promotion of three key employees – Matt Shapiro, Mable Jiang, and John Robert Reed – to the position of Partner.
Currently comprised of a team of 12, the firm intends to expand its operations and establish a stronger remote presence across various geographic locations.
Notable Investments
Multicoin Capital’s previous investments demonstrate a strong track record, including successful ventures such as:
- The Graph
- Solana
- Torus
- StarkWare
- Arweave
These investments highlight the firm’s strategic focus on innovative projects within the blockchain ecosystem.
Lucas Matney
Lucas Matney: A Profile
Lucas Matney previously held the position of Senior Editor at TechCrunch. His work was centered in San Francisco, California.
Background and Role
As a Senior Editor, Matney was responsible for overseeing and contributing to the technology news coverage provided by TechCrunch. He played a key role in shaping the publication’s editorial direction.
His location in San Francisco placed him at the heart of the technology industry, facilitating access to important events and sources. This proximity was crucial for his reporting.
TechCrunch and its Focus
TechCrunch is a leading online publisher focused on technology news, startups, and venture capital. It provides in-depth reporting and analysis of the tech landscape.
- Key Areas of Coverage: Startups, venture funding, new technologies.
- Audience: Entrepreneurs, investors, and technology enthusiasts.
- Location: While global in scope, TechCrunch maintains a significant presence in Silicon Valley.
Matney’s role at TechCrunch involved contributing to this coverage, ensuring the delivery of timely and insightful information to its readership.
Editorial Responsibilities
The responsibilities of a Senior Editor typically encompass a range of tasks. These include article editing, content strategy, and team management.
Matney’s position required a strong understanding of the technology sector and the ability to identify and develop compelling stories. He was instrumental in maintaining the quality and relevance of TechCrunch’s content.