Quick take:
The Ego Death Capital Fund II will look to lead investments in Series A rounds with $3 million to $8 million per project, building on Bitcoin.
The firm has already invested in Bitcoin-based self-custody service provider Relai and the exchange platform Roxom.
The fund will focus on businesses earnings between $1 million to $3 million, whose growth has been stunted by a lack of capital rather than demand.
Bitcoin-only venture capital firm, Ego Death Capital has closed its second fund with $100 million in funding, backed by mainly family offices that are already invested in Bitcoin. The fund continues the firm’s strategy of investing in businesses building on Bitcoin, rather than speculating on crypto tokens.
According to the announcement on Tuesday, Ego Death Capital Fund II will look to lead investments in Series A rounds with $3 million to $8 million per project, building on Bitcoin, with only a small portion reserved for seed-stage projects with promising prospects.
The fund targets businesses earning between $1 million and $3 million, whose growth has been stunted by a lack of capital rather than demand, with founding partner Nico Lechuga adding that the fund is designed for companies focused on real-world applications of Bitcoin. “We’re in Bitcoin, investing in true companies solving real-world problems,” Lechuga told Axios.
Ego Death Capital has already invested in Bitcoin-based projects, self-custody service provider Relai and the exchange platform Roxom, as well as the Lightning Network-based payments platform Breez.
Commenting on the announcement, Ego Death Capital general partner, Lyn Alden said in a statement: “We’re investing in businesses that treat Bitcoin not as a trade, but as infrastructure – something to build on, not bet on.”
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The post Ego Death Capital Closes $100M Fund II for Bitcoin-Based Revenue Earning Projects appeared first on NFTgators .
