Blossom capital, a venture capital firm based in London, was founded by Candice lo, Imran ghory, Mike Hudack and Ophelia brown. They plan to invest more resources to support the expanding cryptocurrency market. Blossom has announced the creation of a fund with a total value $432 Million. One third will be given to startups in early stages crypto companies.
A Third of Blossom’s New $432 Million Fund to Bolster Crypto Companies
Blossom Capital has announced that a $432 million new venture fund was created. According to Blossom, one third of these funds will go to startups in digital currencies. Blossom Capital is a European venture capital company that invests in companies using Series A financing. New $432 Million fund will be available for early stage startups looking to raise Series A capital.
Blossom previously supported companies such as checkout.com and Moonpay digital currencies, along with Duffel, an online travel portal. The company contributed to Moonpay’s $555 million funding round in November 2021 with the round’s lead, Tiger Global Management, and other strategic investors. Ophelia Brown, managing partner of the company, explained Tuesday during the announcement that the funds were secured from well-respected U.S universities and endowments.
“They share our conviction that early-stage capital can have an outsized impact on the trajectory of a company,” Brown said in a statement. “With this new fund, we are continuing with our high-conviction strategy of providing foundational capital to entrepreneurs.”
The number of venture funds devoted to crypto continues to grow
Blossom’s new fund announcement — that explains a third of the fund will go to early-stage crypto firms — follows a large number of venture capital funds, which have been initiated to bolster crypto, blockchain, and Web3 adoption. FTX announced the launch of FTX Ventures, a venture fund with $2 billion to support Web3, Blockchain and Crypto firms on January 14th. Polygon and Alexis Ohanian’s Seven Seven Six venture capital initiated a $200 million social media Web3 fund in mid-December 2021.
Marc Andreessen (a16z), a Silicon Valley venture capitalist, launched a crypto fund worth $2.2 billion in June 2021. At the time the fund’s founding partners wrote that “crypto is not only the future of finance but, as with the internet in the early days, is poised to transform all aspects of our lives.” In addition to revealing the new fund, Blossom Capital also recruited Alex Lim as the investment firm’s new managing partner.
“Founders need more than just capital from an investor at the early stage; they need partners who go above and beyond to make them successful,” Lim detailed. “We have built a diverse partnership and tailored services offering, and are constantly pushing ourselves to provide ever-higher levels of service to European founders.”
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