Fasanara Capital, a London-based asset manager and investor, is raising $350 million for a new venture capital fund to back crypto and fintech startups.
Around $100 million of that amount has already been raised, Francesco Filia, CEO of Fasanara Capital, told The Block in an interview.
This is the first time Fasanara will invest in crypto startups, said Filia, adding that the firm's previous two venture funds, with a combined worth of $550 million, focused purely on fintech startups.
'Chaos brings opportunities'
Fasanara is undeterred by the current weakness in crypto markets, which has seen bitcoin lose about a third of its value so far this year.
"Chaos brings opportunities to long-term oriented investors," Filia said. "The current difficult landscape is expanding the opportunity set for us."
Fasanara is interested in various crypto startups, but with a particular focus on those building infrastructure and trading platforms as the firm is also a liquidity provider in the crypto market.
The firm would consider both equity and token deals. The average check size of its investments would range between $500,000 and $5 million, said Filia.
As for a rough mix of crypto and fintech focus, Filia said the fund would invest about 60% of the total capital in fintech startups and the rest in crypto and web3 firms.
Filia said it has already invested in two web3 startups: Twig, a London-based fintech that plans to develop a blockchain-based payment infrastructure, and Scuti, a gaming store looking to issue a gaming reward token.
Founded in 2011, Fasanara says it has more than $3.5 billion in assets under management and employs more than 150 people.
Fasanara's raise comes as venture capital investment in the crypto space has skyrocketed over the past few months. Last month, there was the highest number of funding deals in crypto's history. Several mega new VC funds have also launched in recent months, including from Sequoia Capital, Bain Capital and Dragonfly Capital.
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