Bain Capital Ventures (BCV), the venture arm of 38-year-old private equity firm Bain Capital, has launched its first crypto-focused fund worth $560 million, Bloomberg reports.
BCV has been investing in crypto startups for the past seven years, but Crypto Fund I will only support such companies. BCV first applied for this funding last September and has already invested $100 million in several as yet undisclosed startups.
BCV’s current crypto portfolio includes companies such as BlockFi, Compound, Digital Currency Group, and Lolli. With the new funding, it is looking to invest in all types of crypto startups, from DAOs to Layer 1 blockchains and storage.
Stefan Cohen, managing partner of Bain Capital Crypto, which manages the fund, told Bloomberg, “We are convinced we are at the beginning of a decade of technology shift. We really needed a dedicated team and a special funding structure. This is what led to the addition of Bain Capital Crypto.”
BCV is not worried about the short-term fluctuations of the crypto market. It plans to invest in crypto startups with a 10-year time horizon and hopes to invest in around 30 startups over the next two to three years. He also plans to actively participate in the management of crypto projects with his investments. Therefore, it seeks both stock and token deals. It also plans to purchase tokens from the treasury or secondary markets of DAOs.
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