Quick take:
- Dao5 closed its first fund in 2022 with $125 million in funding and has since invested in over 50 crypto projects including Bittensor, Story Protocol, and EigenLayer.
- The firm has already deployed the entirety of its first fund and the vast majority of commitments to its limited partners.
- The latest fund brings the total assets under management to approximately $550 million.
Dao5 a venture capital firm focused on advancing the mainstream adoption of digital assets has closed its second fund with $220 million in funding. The multi-strategy fund is aimed at “stewarding institutional evolution of crypto,” the company said in a press release seen by NFTgators.
Commenting on the announcement, crypto veteran and Dao5 founder, Tekin Salimi said in a statement: “Crypto is entering its adolescence phase. The industry’s dependency on pure speculation as the driver of growth is no longer as effective as it once was. Future success will be determined by the real integration of blockchain technology into global financial, governmental, and private sector systems.”
The new fund brings Dao5’s total assets under management to approximately $550 million. Since closing its first fund at $125 million in 2022, the company has invested in over 50 crypto projects, including BitTensor, Berachain, EigenLayer, and Story, with some of the investments done during the bear market from 2022-2023.
According to the announcement, the firm has already deployed the entirety of its first fund and the vast majority of commitments to its limited partners.
“Success in this space often comes from an ability to go where others can’t,” said Salimi about the success of the projects that the company has backed over the years. “When we invested in Berachain, most funds were unable to underwrite the risk of investing in entirely pseudonymous founders. But we were willing to go a step further in our diligence on the founders.”
Smokey the Bera, co-founder of Berachain commented: “As our first lead investor, they proved to be highly strategic at every step since their investment, and we believe their model for involving and incentivizing portfolio founders like myself in the future economics of the fund is novel and promising.”
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