Multicoin Raises $100M for New Crypto Venture Fund

Multicoin Raises $100M for New Crypto Venture Fund

Multicoin Capital’s Tushar Jain flashes big-baller crypto startups with his “Shut up and take my money!” poster when their pitch lands like no other. The early-stage backer just secured funding for another $100 million in Multicoin bets.

The Austin, Texas-based crypto investment firm went public Tuesday with its second fund in

four years. Backed by undisclosed institutional LPs and a smattering of crypto founders, the fund is already “active,” said Jain.

Multicoin is looking to turn that activity into Helium-sized wins. Multicoin’s first fund went long and large on the internet-of-things startup in 2019 and in the past 12 months reaped the tokens’s 6,800%+ return. It’s one of the “weird and different” projects that Jain seeks out.

Multicoin prefers “making investments that are in categories that people are not taking seriously yet, or don’t realize,” Jain said.

For the next few years Multicoin’s 11-person team will look to fund the crypto companies others might miss. The VC also elevated the investment team’s Matt Shapiro, Mable Jiang, and communications director John Robert Reed, to partner level.

A blog post said Venture II bets can be as small as $500 thousand or stretch into the hundreds of millions of dollars if Multicoin’s hedge fund gets involved. There’s a preference for early-stage companies as well as those with tokens.

Jain said he wants to back blockchain startups building “sovereign software” for a broad user base. He described blockchain projects’ decentralized mission as inherently kopacetic to the do-gooder ideals of environmental, social and corporate governance (ESG) investing.

“I think blockchain is like the best social good in the world,” he said.