Fasanara Capital, a UK-based asset management firm with over $3.5 billion in AUM, is raising a new $350 million venture fund to back fintech and crypto startups, Bloomberg reported on Wednesday.
Fasanara to Roll Out $350M Crypto Fund
Fasanara has always shown interest in the crypto space by participating in crypto-related startup funding rounds. The asset management firm provides financing to firms including cryptocurrency exchanges and digital lending businesses.
Fasanara, however, plans to strengthen its foothold in the industry by launching its third fund to primarily support crypto startups.
According to the company’s CEO, Francesco Filia, Fasanara is particularly keen on investing in crypto firms that focus on trading or related products because of its background as a hedge fund.
Unlike its two previous funds where it raised $550 million to support technology firms, the asset manager noted that the new fund is open to new external investors with $100 million already secured.
Venture Capital Firms Invest in Crypto
As crypto continues to gain traction, venture capital firms are taking a dive deep into the industry by investing in crypto-related firms.
Mainstream VC firms including Cypher Capital, Sequoia Capital and Haun Ventures have all launched their own crypto funds in the past. Their support has driven the growth and development of these startups, helping them reach unicorn status.
In March, blockchain infrastructure platform ConsenSys reached a $7 billion valuation after raising $450 million in a Series D funding round.
The same month, cryptocurrency financial services company BlockchainCom reached a $14 billion valuation after raising an undisclosed amount in a funding round.
In April, Binance American affiliate, Binance U.S. secured $200 million in seed funding, which increased its valuation to $4.5 billion.