Quick take:
- Howard and Vaid were most recently at Web3 venture firm 10T Holdings.
- The two said the fund is designed to bring the mindset of growth investors to early-stage crypto projects.
- Halo Capital plans to invest in the entire spectrum of the crypto industry from Bitcoin to decentralised AI.
Daniel Howard, the son of popular British hedge fund billionaire Alan Howard (the founder of Brevan Howard Management), has launched a new venture capital firm focused on digital assets. Howard is teaming up with Bhavin Vaid, who he worked with at crypto-centric venture firm 10T Holdings. The two launched Halo Capital with an inaugural $25 million in funding.
Howard and Vaid told Bloomberg that the fund is designed to bring the mindset of growth investors to early-stage crypto projects. According to the announcement, Halo Capital plans to invest across the entire spectrum of the crypto industry from Bitcoin to decentralised AI.
“We hadn’t really seen many venture capital investors in the space with this background of a traditional growth equity fund,” Howard said, adding that a “great way for us to be value-added investors in the space, but also for us to have an impact, was to be a much more generalist fund focused across the entire ecosystem.”
Howard and Vaid have brought in about 20 partners ranging from company founders to research experts but are keeping the names private for now. They said they started fundraising for the inaugural fund in March, with the firm officially launching in June.
The find has already invested in a few projects including Solana-based decentralised physical infrastructure network (DePIN), Andrena, which recently raised $18 million. Halo also invested in Bitcoin-based stablecoin issuer Bima Labs’ $2.5 million seed round in July.
Commenting on his firm’s approach to investing in early-stage crypto projects vaid said: “One thing that we’ve noticed is a lot of the existing funds in the space are potentially just biased, based on other investments they might have made over the past three to five years. Our ability to take a differentiated approach, and a research and data-driven one, is going to be vital.”
Before joining the crypto industry, Howard spent most of his career in computer science and artificial intelligence, while Vaid worked at Goldman Sachs Group and Cerberus Capital Management.
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