Categories: MarketsMenafn

Investors Rally Behind 1kx’s Fund for Crypto Consumer Apps

Within the crypto venture capital (VC) landscape, notable investors, including Marc Andreessen, Galaxy Digital, and Accolade Partners, have emerged as crucial backers of the latest fund by 1kx, a prominent player in the crypto investment sphere.

Crypto Consumer App Fund Notes Interest

According to Lasse Clausen, the founding partner of 1kx, the firm has successfully raised $75 million for its latest fund. Chris Dixon, a partner at Andreessen Horowitz, is cited as one of the limited partners involved in this endeavor, as Bloomberg reported on Mar. 28.

Clausen further revealed that private equity firm Accolade is the anchor investor in the new fund, signifying a significant endorsement within the crypto investment ecosystem.

This new fund by 1kx is strategically targeting crypto-based consumer applications. Clausen indicates that approximately five investments have already been made, although specific companies were not disclosed. Founded in 2018 by Clausen and Christopher Heymann, 1kx continues to assert its influence in the crypto investment landscape.

This announcement comes amid growing institutional interest in the crypto sphere, mainly fueled by the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.

A report from PitchBook says that venture capital funding for crypto startups rose sharply in the fourth quarter of 2023, hitting $1.9 billion. This was a 2.5% increase from the previous quarter. This is the first rise in VC investments since March 2022 and the first sign of improvement.

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

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