Archetype, a New York-based crypto venture firm, has raised $100 million for its third fund to back early-stage blockchain startups.
Why it matters: The firm believes that blockchain technology is on the verge of a mainstream breakthrough, comparing the current moment to the “post-AOL, pre-Uber” phase in the history of the internet.
The details:
- Archetype’s previous funds include a $55 million fund raised in 2021 and a $155 million fund in 2022.
- The decision to cap the third fund at $100 million was intentional, focusing on attracting the right backers with minimal new limited partners.
- The investor base comprises a mix of pensions, endowments, sovereign wealth funds, and institutional investors, including TrueBridge Capital and Sapphire Ventures.
- Currently, the firm manages approximately $350 million in assets.
Archetype has already celebrated significant successes from its investments, such as the acquisition of wallet provider Privy by a payment giant and the reverse merger of US Corp with Hut 8.
What they’re saying:
- “Our belief is that crypto rails underpin all global commerce if you take a decade or multi-decade point of view,” said Ash Egan, founder and general partner of Archetype.
- “The future is going to be building killer products, you get your first 1,000 true fans, and then you go from there,” Egan added. “That’s how you get true networks.”
What’s next: Future investments from the firm will focus on consumer-oriented companies such as Remix, a crypto and AI-powered app that allows users to create mobile games. Egan believes that building “killer products,” attracting an initial base of true fans, and expanding from there is the key to creating lasting networks.
