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Crypto venture firm Paradigm is planning for getting fresh funding weighing anywhere between $1.25 billion and $1.5 billion.
As per the latest developments, crypto venture capital firm Paradigm is looking to raise $1.5 billion for startup investments. On Monday, October 11, CoinDesk reported the news first by citing an investor deck.
As per the available information, the fundraising efforts will close on November 12. As per the Paradigm plan, the fund will weigh anywhere between $1.25 billion and $1.5 billion. Also, the CoinDesk report states that Coinbase co-founder Fred Ehrsam leads this crypto venture capital firm.
Venture capital funds flow to the crypto space have accelerated massively this year. Just in the first half of 2021, venture capital firms have flushed more than $17 billion in the crypto space. This is 3x the inflow from VCs during the same period of 2020.
A person familiar with the matter said that Paradigm has been making the rounds of family offices in Silicon Valley. Earlier in 2021, VC giant Andreessen Horowitz (a16z) announced raising $2.2 billion for its third crypto fund.
Matthew Mizbani from hedge fund Coatue Management has recently signed with Paradigm as a partner. As per sources, Mizbani has previously worked with Morgan Stanley. The Block confirmed that Mizbani will be leading the new fund from Paradigm.
Crypto venture capital firm Paradigm specializes in backing disruptive crypto companies and protocols. As per the company’s digital brochure, it notes:
“Paradigm is an investment firm focused on supporting the great crypto companies, protocols and currencies of tomorrow. Our approach is flexible, long term, multi-stage, and global. We often get involved at the earliest stages of formation and support our portfolio with additional capital over time.”
The latest funding can help Paradigm scale new highs in its domain. The crypto venture firm notes that it will “take a deeply hands-on approach to help projects reach their full potential, from the technical (mechanism design, smart contract security, engineering) to the operational (recruiting, regulatory strategy)”.