A new $72 million crypto venture capital fund has been announced, drawing a mix of deep-pocked investors, including billionaire Paul Tudor Jones.
Details of the fund and its backers were first reported by Yahoo! Finance. The fund's limited partners include recording artist and producer LL Cool J, former PepsiCo CEO Indra Nooyi, SoFi CEO Anthony Noto, Apollo Group co-founder Josh Harris and former TD Ameritrade CEO Joe Moglia, among others.
The fund was launched out of North Island Ventures, a New York-based VC firm founded in 2017. North Island is chaired by Glenn Hutchins, the co-founder of private equity firm Silver Lake. Hutchins will manage the fund alongside James Hutchins, who previously worked as Coatue Management's head of research, and Travis Scher, formerly vice president of investments for Digital Currency Group.
According to a series of tweets from Scher, some of the fund's investments include Dapper Labs — creator of the CryptoKitties gaming dapp and the Flow blockchain — as well as startups Axelar and Nori.
"We believe that crypto offers solutions to some of the world's most pressing problems, and our mission is to support the best entrepreneurs in the world bringing these solutions to life," he wrote in a tweet.