Crypto and blockchain-focused investment fund Pantera Capital intends to increase its focus on Indian crypto and blockchain startups as it closes two funds. In a blog post, the founder and chief executive of Pantera Capital Dan Morehead announced the firm was raising $200 million for a dedicated crypto growth fund.
With this, the crypto investment firm is readying to close its blockchain fund next month after raising $1.3 billion worth of capital. The raised capital is double the target of $600 million.
Moreover, Pantera Capital has closed about 10 deals in India, including one with crypto unicorn CoinDCX, as per Paul Veradittakit, partner at Pantera Capital. He also said the company plans on doing a lot more investments in India as the region has good developer talent, and that macro factors bodes well for crypto adoption.
The firm recently led a $135 million funding round in crypto unicorn CoinDCX from its Blockchain Fund. With this, CoinDCX’s valuation surpassed the $2 billion mark. The fund’s portfolio spans multiple prominent companies including Alchemy, Coinbase, FTX, and Circle.
The Select Fund will focus on mature, revenue-generating firms and cut around $20 million checks on average. Morehead also said that Pantera Capital plans to invest in seven to nine companies, including another round in CoinDCX.
He further added, “Pantera Select Fund seeks to capitalize on the industry’s transition to more growth-stage opportunities.”