The fund will look to back crypto fund managers with experience in non-fungible tokens (NFTs), gaming, decentralized finance (DeFi), Web3.0 and the metaverse.
Venture capital (VC) firm OP Crypto has announced the launch of a new $100 million fund. According to the announcement, the fund will be committed to smaller VCs who are themselves focused on crypto startups.
It’s a big day for OP Crypto! We’re proud to announce the launch of OP FOF I:
Our first fund of funds that will invest in emerging fund managers focused on early-stage crypto investments. We are proud to support fund managers with similar vision and unique vertical expertise. pic.twitter.com/yh7Oew6XEt
— OP Crypto (@OPCryptoVC) June 30, 2022
OP Crypto Targets $100M, Sees Commitments from FJ Labs and Others
Founded by former Huobi exec David Gan, OP Crypto has raised $50 million so far in the round it dubbed “OP Funds of Funds I”. Meanwhile, the round saw participation from major investment outfits like FJ Labs and FTX exchange’s investment arm LedgerPrime.
According to OP Crypto, the OP FoF I is targeting $100 million in total, at which point the fund will be closed out. However, expectations are that the funding round should be completed by the end of Q3.
For starters, the OP FoF I fund will look to back crypto fund managers with experience in non-fungible tokens (NFTs), gaming, decentralized finance (DeFi), Web3.0 and the metaverse. The fund will also consider that the identified managers are based in the Asia-Pacific region as it continues its quest to invest on a global scale. Some of the countries in this region include; Africa, Latin America, Southeast Asia, India and others.
History of Funding Crypto Fund Managers
Meanwhile, the $100 million fund is not the first time OP Crypto will be investing in crypto fund managers.
Last June, the firm launched a $50 million OP Ventures Fund I that was focused on Web3.0 seed projects. At the time, top traditional investors like Digital Currency Group (DCG), Galaxy Digital, Alan Howard, and other big names in the industry participated in the fund round.
For this fund, however, OP Crypto founder Gan will assume the role of president and advisor to the fund. Whereas, the current Chief Operating Officer and head of research at the firm, Lucas He will be the general partner to the fund. The duo share an impeccable history having both worked at Huobi. In their time at Huobi, they funded the first seed rounds for fund managers like 1kx, Dragonfly Capital, and Multicoin Capital.
It is interesting to see that despite the persistent bearish situation of the crypto market, VCs are not backing down.
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