1kx raised $75 million and recently investors are embracing the cryptocurrency industry once again.
The investment firm completed the first closing of its new oversubscribed closed-end fund on Thursday, a company statement said. Marc Andreessen and Chris Dixon of Marc, as well as Accolade Partners and Galaxy Digital, also participated in the round.
The company said the closing brings 1kx to $275 million across its two funds since the cryptocurrency bear market began about two years ago. The latest funding will be allocated to providing technical support, financial resources and infrastructure support to early-stage companies and token networks. The goal of this support is to help these organizations attract new users and serve their communities.
This latest fundraising event signals renewed investor interest in the digital asset industry after nearly two years of belt-tightening from venture capitalists and other investors during the cryptocurrency bear market. The value of VC investments increased 2.5% in the third and fourth quarters of 2023, according to data from PitchBook.
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About the author
Elizabeth Napolitano is a data reporter covering business and technology news with a focus on cryptocurrency. Before she joined The Block, Elizabeth reported on BigTech, AI, cryptocurrency, and video games for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs, and US courts. She received a master’s degree in journalism from CUNY. X: Follow her at @LizKNapolitano.