6th Man Ventures Raises $145M for Crypto Fund: Report
It’s the second fund for the venture capital firm led by The Block founder Mike Dudas.
May 12, 2022 at 1:28 p.m. UTCUpdated May 11, 2023 at 6:51 p.m. UTC
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6th Man Ventures has raised $145 million for its second crypto fund, which will focus on early-stage investments, according to a report at The Block.
- Limited partners for the new fund included Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures and Animoca Brands, as well as a group of angel investors – hedge fund billionaire Bill Ackman and Andreessen Horowitz partners Marc Andreessen and Chris Dixon among them.
- According to the report, around 20 investments have been deployed so far from this new fund, which focuses on early-stage projects and will write checks of $1 million to $2 million for each deal.
- Dudas, who left his role as The Block CEO last year for stablecoin firm Paxos, said the 6th Man's first fund had $7.4 million in capital and invested in 75 projects with an average check size of $100,000.
- Despite the turbulent start to 2022 for digital asset prices, venture capital deals have marched on. Recent raises have included a $650 million fund from Dragonfly Capital, $200 million from Blockchain Coinvestors and $250 million vehicle from SPiCE VC.
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Brandy covered crypto-related venture capital deals for CoinDesk.