$150 Million Is Fund That BlockTower Is backed By BPI France And Mass Mutual
Cryptocurrency-based asset management firm BlockTower is launching a dedicated venture arm as well as a new $150 million fund and ready to take advantage of crypto winter.
Amid the tumultuous venture capital scene, crypto investors have emerged as some of the most aggressive in turning their businesses into a brand, crypto-based asset management firm BlockTower launches a dedicated venture arm as well as a new $150 million fund.
Approximately 90% of the funds will be deployed to a core portfolio of 20 to 25 positions. Checks can run anywhere from $500,000 to $6 million with the company targeting 5% to 10% ownership on the equity side or 2% to 5% on the token side .
BlockTower’s recent investments in startups like Aptos, Lighthouse Labs and Maple Finance are all part of this new fund. Klocanas added, the speed of deployment is very methodical.
Backers include MassMutual, French investment bank Bpifrance, former Midas List investor Roger Ehrenberg, and the Texas Teacher Retirement System. While other companies have invested hundreds of millions of dollars in less than six months, Klocanas said, BlockTower has only made 10 investments so far this year, bringing in $20 million.
BlockTower targets financially oriented crypto projects that focus on interoperability between blockchain, credit or payments.
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