Multicoin Capital Raises $100M to Back Entrepreneurs in Cryptocurrency Space

May 5, 2021
multicoin capital
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Cryptocurrency seems to be experiencing another surge of momentum with Bitcoin reaching record highs and numerous businesses, including United States banks, allowing the digital currency to be used as a form of payment. There is also the emergence of non-fungible tokens (NFTs) and several businesses utilizing blockchain technology.

Austin-based Multicoin Capital announced Tuesday it raised $100 million for its Venture Fund II. The fund will help the firm continue investing in entrepreneurs in the cryptocurrency space, including those building companies and tokens.

Also on Built InWhat We Don’t Know About Bitcoin — and Why It’s a Problem

Multicoin invests by means of equity or tokens, though the latter is preferred. The venture fund’s investments range from $500,000 to more than $100 million when hedge fund capital is included, according to a company statement. 

“There are ample opportunities in the market right now and the appetite for nuanced crypto exposure is strong,” John Robert Reed, a partner at Multicoin, told Built In via email. 

Over the next few years, Multicoin is looking to invest in Open Finance, Web3 and new types of crypto-enabled platforms — all of which are areas the company predicts will have an “incredible wave of innovation.”

In addition to the recent capital raise, Reed, Matt Shapiro and Mable Jiang were promoted to Multicoin partners. The company is currently hiring for an investor relations position.

To date, Multicoin’s largest investment was made in 2016 when the company invested in San Francisco-based Helium’s $15 million Series C round

Multicoin was founded in 2017 and officially launched in March 2018. The company, headquartered in Austin, has 12 employees across the United States and China. In addition to investing, the venture fund provides research, portfolio rebalancing and security, according to the company’s Built In page.

Also in AustinFirefly Aerospace Raises $75M Series A, Hits $1B+ Unicorn Valuation

Jobs at Multicoin Capital

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