The $175 million funding round is expected to close in March. Pantera partner Paul Veradittikit is hopeful the company will secure the remaining funds, although he admitted the crypto winter had made it more challenging to gather funds.
So far, high net-worth individuals, family offices, and those with the ability to move money fast have contributed to the fund, he said and he would continue meeting with institutional investors.
According to Pantera’s pitch deck, the new fund is aiming to “invest in later stage rounds to support the more mature companies” at between $3 million to $8 million per investment. Half of the capital is allocated for follow-on funding, which will go towards investing in around 30 to 50 firms – depending on much funding is secured in the current round.
It has already given funds to 44 companies.