Fasanara Capital, an asset management company which is based in London has disclosed that it has earmarked a sum of $350 million for Venture Capital (VC) Funding.
According to the firm, which in recent times has displayed an endearment towards digital assets and financial technology funding, the $350 million VC fund is meant to support firms in the Fintech and blockchain technology sector that develops new use cases in the Web3 arena.
Founded in 2011, and with Asset Under Management (AUM) of $3.5 billion, Fasanara Capital is looking toward kick-starting a robust and long-term partnership with founders of start-ups in both the Fintech and crypto sectors that have exciting projects that have the capability of sprinkling some real good disruption into the Web3 space.
With oversight from the Financial Conduct Authority (FCA) of the United Kingdom and strong backing from the European Investment Fund, which is an organization that sees to business loan acquisition through private banks, two early-stage firms- Scalapay and Grover which fall under Fasanara’ portfolio recently reached the status of a unicorn which in financial terms imply that each startup firm reached a billion-dollar in value.
According to reports, Scalapay which is a Buy Now Pay Later (BNPL) firm based in Italy, and Grover, a Berlin-based startup that allows you to rent out consumer electronics and technology products both received a financial backing of about $550 million in an earlier round of funding.
Fasanara Capital through this new $350 million capital fund, therefore, aims to support the next gem companies in digital lending and trading across the whole of Europe.
Increased Venture Capital Funds Entering Blockchain
Despite the belief that the crypto market is currently walking through the bear valley, a belief which is predicated on the continuous plunge in the price of Bitcoin (BTC) and other cryptocurrencies, the outpour of funds from VCs has, however, continued to spike.
Statistics have shown that a total of about $14.6 billion in the form of VC funds has been received by cryptocurrency firms in the first quarter of the year 2022, thereby making blockchain startup funding the new groove for venture capital firms.
In another recent development, WalletConnect, an Ethereum wallet connector also clinched a sum of $11 million in its series A funding which was led by 1Kx and Union Square Ventures.