News Briefs

Blockchain-focused Factor Capital nabs $10m in first close

Factor Venture Capital Fund I is targeting $30m to invest in seed-stage blockchain start-ups.

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  • Factor Venture Capital Fund I will invest in seed-stage blockchain start-ups
  • The fund’s backers include GSR Markets, Theta Capital Management, executives from Two Sigma Investments and the founders of Multicoin Capital, Lattice Capital and Cosmos Network
  • The fund will make investments of $500k to $1m

Factor Capital Management announced that it has raised about $10 million in the first close of its inaugural venture fund, which is targeting $30 million.

The fund’s backers include GSR Markets, Theta Capital Management, executives from Two Sigma Investments and the founders of Multicoin Capital, Lattice Capital and Cosmos Network, Factor said in a statement.

Factor Venture Capital Fund I will invest in seed-stage blockchain tech start-ups, writing checks ranging from $500,000 to $1 million.

Factor, based in Charlottesville, Virginia, was founded this year by Jake Dwyer, a former executive for GSR Markets and Two Sigma Investments.

“Our thesis is basic: blockchain is on the cusp of mainstream adoption, and we want to support the companies that will drive this adoption forward,” Dwyer said.