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Multicoin Raises $100M for New Crypto Venture Fund

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Multicoin Capital’s Tushar Jain flashes big-baller crypto startups with his “Shut up and take my money!”when a launch project lands like no other.The early-stage backer just secured funding for another $100 million in Multicoin bets.

The Austin, Texas-based crypto investment firm went public Tuesday with its second fund in four years.The fund has attracted undisclosed institutional investors and cryptocurrency founders, said Jain, and is already “active.”

Multicoin is looking to turn that activity into Helium-sized wins.Multicoin's first project went long and long on the internet-of-things startup in 2019 and saw it grow 6,800% in the past 12 months.It’s one of the “weird and different” projects that Jain seeks out.

News of Multicoin’s new fund comes on the heels of a reported $1 billion crypto venture fund from VC giant Andreessen Horowitz. With leading coins near or above all-time highs and COINBASE surging onto the Nasdaq, the timing is right for new capital to hit the market.

Multicoin prefers “making investments that are in categories that people are not taking seriously yet, or don’t realize,” Jain said.

For the next few years, Multicoin’s 11-person team will look to fund the crypto companies others might miss.Additionally, the venture capital firm promoted Matt Shapiro, Mable Jiang and communications director John Robert Reed to partner level.

A blog post said Venture II bets can be as small as $500,000 or stretch into the hundreds of millions of dollars if Multicoin’s hedge fund gets involved.In addition to early-stage companies, those with tokens are on offer.

Jain said he wants to back blockchain startups building “sovereign software” for a broad user base.His statement made good use of the decentralized nature of blockchain projects to align it with the decentralized ideals of environmental, social, and corporate governance investing.

He said that blockchain is “like the best social good on the planet”.

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 5/4/2021

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