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This week, former Digital Currency Group (DCG) Vice President of Investments, Travis Scher announced a $ 72 million crypto-focused venture capital fund backed by billionaire investor Paul Tudor Jones and hip-hop star LL Cool J. The crypto VC fund had been called in by Scher, private equity veteran Glenn Hutchins, as well as his son James Hutchins.
On Thursday February 4, 2021, a former DCG director, Travis Scher tweeted about the new cryptocurrency venture capital fund he started with two other partners. The crypto VC fund is managed by North Island Ventures partners Scher, Glenn Hutchins and James Hutchins.
The foundation Announcement explains that the new venture capital crypto fund, initiated by North Island Ventures, is backed by celebrities. Investors in the fund include rapper and hip hop star LL Cool J as well as billionaire investor Paul Tudor Jones. Additionally, the announcement also lists Twitter COO Anthony Noto and Pepsico CEO Indra Nooyi as investors.
The press release also says the crypto-focused VC fund “has raised about $ 72 million.” In addition, Hutchins indicates that cryptocurrencies will be the next big trend.
“Crypto promises to not only revolutionize the world of finance, but also invent a new computing paradigm that will be as transformational as the PC, the Internet, mobility and the cloud,” Hutchins said during the announcement. “It’s the proverbial next big thing,” added the private equity veteran.
The three North Island Ventures managers indicate that the partners have been investing in crypto for years, and Hutchins in particular began investing in bitcoin (BTC) when it was about $ 400 in 2016.
So far, the new crypto VC fund has already started investing as the announcement indicates that it has made seven investments so far. Investments include startups such as Axelar, Dapper Labs, Nori, and more.
“Crypto is no longer just a marginal technological movement,” emphasized Scher. “There is extraordinary momentum behind decentralized solutions to some of society’s biggest problems, and our goal at North Island Ventures is to partner with the best entrepreneurs in the world to bring these solutions to life.”
The former DCG Vice President of Investments continues on Twitter said that year was great, and that the team has “just started”. “We believe crypto provides solutions to some of the world’s most pressing problems, and our mission is to support the world’s best entrepreneurs in bringing these solutions to life,” Scher concluded.
What do you think of North Island Ventures’ new crypto-focused VC fund? Let us know what you think about this topic in the comments below.
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