Assets management firm, Pantera Capital which is known to have generated the first crypto fund in the United States has created a target fund of $200 million which it intends to achieve by the beginning of May. This fund, unlike others of which Pantera has been a part, is largely focused on investing in already established firms that are generating income.
The fund has been tagged ‘Pantera Select Fund’ and has been left open to external participation, interested organization or individuals can fill out the form attached to the Pantera site’s April Blockchain letter titled “It’s Called The 70’s”.
The Funding Escapades of Pantera Capital
Pantera Capital with its $5.8 billion assets under management (AUM) is recognized as one of the most aggressive firms that participate basically in seed rounds or Series A funding for crypto inclined startups. The investment firm has also partnered with other venture capital outfits to roll out funds for a series of fundraisers.
Pantera Capital led a group of investors which included Alameda Research, Coinbase Ventures, and Cadenza to raise $50 million for VARL, a South African crypto exchange in a Series B round. This fund generated heightened the valuation of VARL, which had since 2019 commenced a trading system that involved the conversion of Rand to Bitcoin (BTC), to $240 million.
Amber Group recently attained a market capitalization of $3 billion after it announced the completion of a $200 million Series B+ round which Pantera participated in alongside Singaporean investment firm Temasek and other investors.
Roadmap for Pantera Select Fund
According to the blockchain letter, the Pantera Select Fund will be smaller, precise, and more focused than a regular growth fund. Notwithstanding the target of these funds, which are seasoned revenue-generating firms, Pantera will still accommodate a few startups and invest in some of them.
Three companies have already struck a deal with the investment firm as regards the funds. First, is the leading digital assets trading firm Amber Group, then an unnamed prominent Indian cryptocurrency exchange and a distinguished provider of non-fungible token (NFT) domain names, both of whose names were withdrawn for confidential purposes.