Quick take:
- The firm is backed by the likes of TrueBridge Capital Partners, Haun Ventures, and A16z’s Marc Andreessen and Chris Dixon.
- Robot Ventures targets crypto projects at their pre-seed and seed stages and plans to stick to that mantra with the new fund.
- The firm is also an early-stage investor in leading crypto projects EigenLayer, Lido Finance and Flashbots.
Robot Ventures, a New York venture capital firm led by Tarun Chitra, the founder and CEO of the crypto risk modeling firm Gauntlet and Robert Leshner, the founder of DeFi app Compound has announced a $75 million fundraising for its fourth fund, according to Bloomberg.
This is Robot’s biggest fund yet, according to Chitra. “It is a lot bigger of a fund than our previous funds, so we went from like $22 million to $75 million, so roughly 3 times in size,” he said.
Like the company’s previous investments in the likes of EigenLayer, Lido Finance and Flashbots, Robot Ventures’ latest fund will target early-stage crypto projects, especially the pre-seed and seed stages.
This fundraising continues in an emerging trend where more crypto firms are raising funds, signalling a potential return to a bull market. Web3 venture funding was downhill for much of the last two years through December 2023.
Hack VC raised $150 million in February, while Paradigm announced $850 million for its third fund. Just two weeks ago, Chaos Labs a rival to Gauntlet, raised $55 million.
Overall, Web3 startups raised $1.9 billion in the first quarter of 2024, before topping that threshold with $2.1 billion in Q2, according to CrunchBase’s Web3 tracker.
Robot Ventures is backed by the likes of TrueBridge Capital Partners, Haun Ventures, and A16z’s Marc Andreessen and Chris Dixon. Haun Ventures also nled Chaos Labs’s $55 million fundraising.
Explaining his firm’s approach to the market, Robert Leshner, general partner of Robot Ventures, told Bloomberg in an interview: “From our experience, one of the things that we found is that in general, we’ve deployed more capital in bear markets simply because we have the experience of having been to multiple cycles before. When valuations are really crazy, in general, our frequency of investing is slower because we’re a lot more conservative about what we’re willing to pay out for.”
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