• Arca closes a $30 million venture fund as its AuM exceeds $500 million

  • Arca, a cryptocurrency investment firm, announced the close of a new venture fund on Tuesday, making it the latest entrant into an ever-expanding segment of the market.

    Endeavor, the fund’s name, will back companies in the non-fungible token market, as well as those in blockchain-based gaming and Web 3.0. According to Arca’s David Nage, the firm was able to raise capital for the fund in just a few weeks and it is currently oversubscribed above its $30 million cap. Nage, a member of Arca’s founding team, will serve as the new fund’s portfolio manager.

    As an anchor investor, Galaxy Digital’s Vision Hill unit is supporting the fund. Arca’s flagship hedge funds, Digital Assets Fund and Digital Yield Fund, will be joined by the new fund. The firm oversees more than $500 million in assets.

    In recent months, a number of new funds targeting early-stage crypto companies have launched. As previously reported by ULTCOIN365, former ConsenSys executive Kativa Gupta has launched a fund focused on the NFT market and decentralized finance.

    According to The Block Research, venture capital firms have invested approximately $17 billion in crypto firms from the beginning of the year to the end of the third quarter. The crypto funding market’s hot streak continued into the summer, which is typically a slower period for dealmaking.

    During August, the blockchain sector received nearly $2.1 billion in private investment.

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