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Odaily Translator | Nian Yin Si Tang
Summary:
Summary:
- Mahesh Ramakrishnan and Salvador Gala raise $25M for Escape Velocity's first crypto fund.
- The new fund is backed by the founders of well-known VC firms such as Castle Island, a16z and Framework Ventures.
Former Goldman Sachs employees Mahesh Ramakrishnan and Salvador Gala, 27, have raised $25 million for the debut fund of their cryptocurrency-focused venture capital firm.
Ramakrishnan said in an interview that the duo had secured a hard commitment of $25 million, but that the fund could reach a cap of $30 million before the fund officially closes in the coming weeks. Investments came from founders at several top VC firms, including Andreessen Horowitz (a16z), Castle Island Ventures, Multicoin, Ribbit Capital, and Framework Ventures, as well as a senior partner at Apollo Global Management, where Ramakrishnan previously worked.
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Digital Goods Monetization
The duo say they have managed to attract the attention of industry giants by articulating an investment thesis centered on the decentralization of digital goods such as bandwidth and computing power, despite a crisis of confidence in cryptocurrencies.
“I think we’ve reached a point where monetizing excess capacity is actually more valuable and more cost-effective than continuing to scale, so we’re really investing in that transition,” he added.
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Fund structure
The new fund seeks to invest in early-stage projects that either decentralize networks such as wireless and energy, or provide the tools to enable such a transition. Ramakrishnan added that the size of the investment will range from $250,000 to $1 million, and the funds will be deployed over three years. About one-third of the cash will be used for follow-on investments.
According to today's latestto reportto report
, Genesis Global Holdco and its two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, voluntarily filed Chapter 11 bankruptcy filings with the Bankruptcy Court for the Southern District of New York.
Based on their respective bankruptcy filings, Genesis Global Capital estimates the companies have more than 100,000 creditors, with assets expected to be worth between $1 billion and $10 billion and liabilities between $1 billion and $10 billion. Genesis Global Holdco estimates its assets to be worth between $100 million and $500 million, and its liabilities to be between $100 million and $500 million. Genesis Asia Pacific estimates its assets and liabilities are between US$100 million and US$500 million.
According to Odaily statistics, the total debt of the top 50 creditors that have been registered so far is 3.8 billion US dollars.
In this regard, the founder of Escape Velocity is very fortunate that he has not lost any investment commitment after experiencing such an event as FTX that caused a huge industry shock.Gaming metaverse project Createra raises $10 million in Series A fundingandand$32M Seed Round for Web3 Social Platform Plai Labs, also participated in the。
Web3 and social game publisher Carry1st raises $27 million
"A lot of people are looking for some level of validation that cryptocurrencies are still an interesting idea and that all of this is not going to zero or collapse," Ramakrishnan said. "That's really where we can add some differentiation, Because I think we tend to go very, very deep into the core of the networks we invest in."
