Three funds totalling approximately $3.25 billion were announced on Monday, all focusing on hot industries such as cyber, crypto, and the metaverse.
Funding for esports, creative platforms, the metaverse, and other areas has been announced by Luxembourg based Hiro capital in the form of Hiro Capital II, a $340 million fund. Zwift, FitXR, and Flavourworks are among the 21 companies already invested in Hiro Capital’s initial $130 million funds. Hiro II’s initial investments will be announced in April.
An additional $200 million “crypto seed fund” has been announced by San Francisco-based crypto-native venture capital company Hack VC, which will invest in early-stage crypto, blockchain, and Web3 firms. Fidelity Investments, Sequoia Capital, and a16z’s Marc Andreessen and Chris Dixon are among the fund’s backers, according to CNBC.
Blockchain and Web3 technologies have been a popular target for investors, despite the fact that crypto has been a hot area for some time. Sequoia Capital India sponsored a $450 million round led by Polygon Technology, an Ethereum Blockchain scaling platform, earlier this month at a projected $13 billion value. Following that, Alchemy, a San Francisco-based company that provides blockchain and Web3 transaction tools and hosting, raised $200 million in “Series C-1.”
Besides Mysten Labs, a Web3 infrastructure provider and Element.fi, Hack’s new fund has already begun investing in the new DeFi protocol. Finally, Cyberstarts, an Israeli cybersecurity venture capital fund, announced that it had raised a new $200 million fund. Portfolio businesses raising Series A and Series B rounds will be able to use the new fund to raise additional capital.
According to Cyberstarts, the firm’s first $54 million funds since its establishment has achieved a 300 percent internal rate of return. Unicorns Fireblocks and Wiz are among the companies in which Cyberstarts has invested. Due to cyberattacks and geopolitical concerns, cybersecurity has garnered a lot of attention. Last year saw a record amount of funding in the space, and this year is already off to a solid start.