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Blockchain investment firm Pantera Capital has announced that it has raised $160 million of the $175 million target for its third venture fund and confirmed its closing by March’s end.
In August 2018, TechCrunch reported that the firm was seeking to raise up to $175 million for its third venture fund, referring to an SEC filing.
Speaking to CoinDesk last month, Pantera partner Paul Veradittikit had said that he was optimistic about achieving the $175 million target and said that the firm was in talks with institutional investors, such as endowments and pension funds.
In a blog post dated March 27, the company said that the Venture Fund III has already invested in a number of companies and has given a detailed analysis of these investments.
“The Fund has already invested $38 million into 11 portfolio companies. We project making a total of 35 investments, with an average deal size of $3.5 million, and an 11% target average equity stake. Pantera has led five of the investments so far. Two of the deals have been follow-on rounds in existing portfolio companies,” it said.
The companies that have secured investments from the fund fall into five categories – finance (18.8%), payments (15.2%), exchanges (29.4%), enterprises (1.5%), and infrastructure (35.1%).
The fund’s first investment was in Bakkt, an institutional-grade cryptocurrency exchange. Other companies supported by the fund include Staked, StarkWare, Blockfolio, Tagomi, and others.
In addition, Pantera also turned its attention to bitcoin price with respect to bitcoin block reward halving trend. The firm believes the next reward halving event, which is expected on May 24, 2020, could see an uptrend in bitcoin price after June 10. Analyzing the price trend and the previous reward halving events, it said:
“Inflection points occurred 376 and 320 days prior to the 2012 and 2016 ‘halvings’, respectively. Taking their average of 348 days could indicate a bottom on June 10, 2019,” it added.
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