Quick take:
- The new fund also attracted participation from new European and Asian institutional backers.
- The fund is slightly smaller than the crypto VC firm’s second fund, which closed at $120M in December 2021.
- Maven 11 plans to deploy the new fund over the next 3-4 years and will cover projects, including new deals, pre-seed and seed, as well as Series A and follow-on investments.
Maven 11 has closed its oversubscribed third fund at $107 million, surpassing the initial target of $100 million. However, the it tool took several months longer than initially planned to secure the funding, wth the firm citing difficult market conditions.
“We’ve seen and experienced that capital providers have been more sensitive towards VC funding due to the general market conditions, part of which can be ascribed to the large and wide losses after the many 2022 fallouts,” Maven 11 CIO and managing partner Balder Bomans told The Block.
Maven 11 planned to close the fund in the first half of 2024, according to a prior announcement in November 2023. The new fund was anchored by Theta Capital Management, with participation from European and Asian institutional backers, which Bomans declined to disclose.
Maven 11’s third fund is slightly smaller than its second fund, which closed at $120 million, as per the announcement in December 2021. According to the announcement, the Maven 11 Fund III will be deployed over the next 3-4 years and will cover projects, including new deals, pre-seed and seed, as well as Series A and follow-on investments.
According to the announcement, the firm has already deployed about 15% of the fund, Bomans said, with some of the projects backed including the Ethereum scaling platform Spire Labs, on-chain gaming platform JokeRace, decentralised trading platform GTE and the crypto brokerage platform August.
The Maven 11 Fund III plans to draw checks in the range of $500,000 to $5 million and will back both equity and token rounds, with a focus on consumer applications, infrastructure, and projects building at the intersection of blockchain technology and artificial intelligence.
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