Ego Dying Capital, a enterprise agency centered on the Bitcoin ecosystem, has closed its second fund at $100 million, doubling down on its thesis of backing early-stage startups constructing on the Bitcoin blockchain — a distinct segment focus inside the broader crypto enterprise panorama.
The shut comes about 18 months after Ego Dying Capital first introduced plans to boost the fund in January 2024. Fund II will concentrate on main Sequence A rounds, with preliminary checks starting from $3 million to $8 million, concentrating on corporations that construct on Bitcoin and its rising software layers, together with the Lightning Community, Fedimint, and Discreet Log Contracts.
For a rising set of crypto VCs, Bitcoin has develop into greater than only a retailer of worth. As The Block beforehand reported, buyers are more and more backing startups constructing on Bitcoin’s rising layers — from Lightning to rollups — seeing the protocol as a safe, battle-tested base for real-world functions.
“We’re investing in companies that deal with Bitcoin not as a commerce, however as infrastructure — one thing to construct on, not wager on,” mentioned Lyn Alden, normal associate at Ego Dying Capital.
The agency is concentrating on what it sees as a niche in Sequence A funding for Bitcoin-focused startups, the place founders usually battle to search out lead buyers with each technical experience and long-term dedication. Its companions say they’re backing corporations with working merchandise and early traction, quite than speculative initiatives chasing short-term good points.
Fund II has already invested in three corporations: Relai, a Swiss bitcoin brokerage; LN Markets, a derivatives buying and selling platform constructed on the Lightning Community; and Roxom, which is constructing a world buying and selling system on Bitcoin.
Ego Dying Capital launched in 2022. Its first fund raised $25.2 million, together with a $7.5 million particular goal car.
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