The venture capital firm, 6th Man Ventures led by Mike Dudas has raised a total of $145 million for a second crypto fund.
The firm has already amassed $140 million and is in the final stages of closing the $145 million raise.
Limited partners for the fund are Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures, Animoca Brands and AngelList.
The fund is also supported by individual investors such as billionaire Bill Ackman, Marc Andreessen and Chris Dixon of Andreessen Horowitz, ParaFi’s Ben Forman and Solana’s Raj Gokal among others.
Around 20 investments have already been made through this fund. Dudas has decided to invest in mainly three areas of crypto:
- play-to-earn gaming and metaverse projects
- web3 networks and Decentralised Autonomous Organisations (DAOs)
- Infrastructure
The fund will be focused on venture capital solely and targets pre-seed, seed and some Series A stage deals, with check sizes between $1 million to $4 million.
Dudas’s firm promises to provide assistance with marketing, media relations, go-to-market strategy and business development to the portfolio firms.
The co-founder has also added that the second fund wont be deployed until five years after the fund has closed, adding “We think that’s a real advantage in this market — we don’t have to rush.”
The first crypto fund of the firm has invested in over 100 projects and protocols, though only 20 of them have gone public.
The firm has previously backed the likes of Magic Eden, an NFT marketplace, STEPN, a startup that gamifies exercising and Etherscan.
The crypto industry has been seeing millions and millions being invested in it everyday, even among the extremely bearish behaviour of the current market.
Recently, a web3 development startup Moralis announced raising $40 million in a Series A funding round led by Coinbase Ventures, EQT Ventures, Fabric Ventures, and Dispersion Capital.
