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VC Fund Raises $75 Million in Cryptocurrency, Backed by Marc Andreessen and Galaxy Digital

Jonathan Wong

Jonathan Wong

24 March 2024

1kx, a prominent cryptocurrency venture capital firm, has successfully raised $75 million for its latest fund, attracting notable investors including venture capitalist Marc Andreessen, Galaxy Digital, and Accolade Partners. This development marks a tentative resurgence in digital asset funding following a prolonged decline over the past two years.

According to Lasse Clausen, founding partner of 1kx, key investors in the fund include Chris Dixon from Andreessen Horowitz, indicating continued interest from established players in the cryptocurrency ecosystem. With Accolade serving as the anchor investor, the fund aims to capitalize on the renewed optimism surrounding cryptocurrency investments.

Despite the recent surge in cryptocurrency prices, venture capital funding in the sector has remained subdued, with valuations still reasonable for early-stage rounds. Clausen attributes this lag to the cautious approach of many venture capitalists, highlighting the potential for attractive investment opportunities amidst evolving market dynamics.

1kx, founded in 2018 by Clausen and Christopher Heymann, has a diverse portfolio spanning nonfungible token collections, digital asset marketplaces, metaverse platforms, and crypto staking companies. With over $200 million raised for its current fund since 2022, the firm remains committed to supporting innovative projects in the cryptocurrency space, particularly focusing on consumer-focused cryptocurrency applications.