Digital Assets: Star-Studded Lineup Supports New $72M VC Fund Eyeing Crypto

https://dailyalts.com/wp-content/uploads/2021/02/mymHaxYP.jpg

Private equity stalwart Glenn Hutchins along with son James Hutchins and partner Travis Scher launched the new crypto-focused VC fund.

The trio represents some serious investing talent. Glenn Hutchins is the co-founder of storied PE firm Silver Lake Partners, while son James was head of research at Coatue Management, one of the world’s largest technology-focused investment funds. Scher previously ran investments at Digital Currency Group, one of the world’s biggest investors in crypto companies. (Yahoo Money)

No surprises, therefore, that other star investors have joined the fund. These include hedge fund billionaire Paul Tudor Jones, Raj and Indra Nooyi (the latter being the former CEO of PepsiCo), and James Todd Smith, a.k.a LL Cool J.

Further, Glenn Hutchins will chair the fund, to be managed by North Island Ventures.

It has raised $72 million.

Crypto the next big thing

“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,” tweeted Travis Scher.

According to Scher, crypto is no longer just a fringe technology movement.

“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,” says Glenn Hutchins. “It is the proverbial next big thing.”

The fund is already off the mark with seven investments

“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,” added Scher in a tweet.

According to Coin Telegraph, the fund’s portfolio includes Dapper Labs, Axelar, and Nori, all startups in the crypto arena.

Related Story:  Paul Tudor Jones to CNBC on Bitcoin: “It’s a Great Speculation”  

Image Credit: Twitter -Travis Scher                                               

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/02/bitcoin-5927460_640.jpg
Digital Assets: Corporates Buy More Bitcoin – MicroStrategy $1B; Square $170M
February 24, 2021     Digital Assets, News

MicroStrategy describes bitcoin as “a dependable store of value.” In an announcement today, MicroStrategy (NASDAQ: MSTR) said it had invested an additional $1.026 billion in the purchase of 19,452 bitcoins…

https://dailyalts.com/wp-content/uploads/2021/02/download_url-0617_klarna_highres-25-1.jpg
Venture Capital: Klarna’s Funding Binge On Course For A $1B Raise
February 24, 2021     FinTech, Latest News, News

Bloomberg reports that Klarna Bank AB, the Swedish fintech startup that was valued at $10.65 billion in September, may raise another $1 billion. But this time its valuation could be…

https://dailyalts.com/wp-content/uploads/2021/02/screenshot-www.tyme_.com-2021.02.24-20_04_34.png
FinTech: Tyme Raises $110M For Its Bank In South Africa, ASEAN Expansion
February 24, 2021     FinTech, News

Tyme has partnered with JG Summit to Launch Digital Bank for the Philippines. Digital banking network Tyme announced Tuesday its raise of $110 million from new investors Apis Growth Fund…

https://dailyalts.com/wp-content/uploads/2021/02/china-5089721_640.jpg
Artificial Intelligence: Former Google CEO Schmidt Sounds The Alarm On China’s Prowess In AI
February 24, 2021     Artificial Intelligence, News

Eric Schmidt, who was CEO of Google (NASDAQ: GOOGL) from 2001 through 2011, warned Tuesday that the United States is “one or two years ahead of China, not five or…