Amsterdam-based Theta Capital Management raised over $175 million for its latest fund-of-funds, aimed at supporting early-stage blockchain startups through specialized venture capital (VC) firms.
The new vehicle, Theta Blockchain Ventures IV, will channel capital into crypto-native VC firms with a track record of backing blockchain innovation, Theta’s managing partner and chief investment officer Ruud Smets told Bloomberg.
Smets said the strategy focuses on specialist managers who can outperform generalist investors in the earliest funding rounds.
“We’ve always been looking for areas where specialization and active management provide a sustainable edge,” Smets noted. He said that the experience and positioning of dedicated crypto VCs “has compounded over time,” creating barriers for less focused investors trying to enter the space.
Founded in 2001, Theta shifted its focus to digital assets in 2018 and now manages about $1.2 billion. The firm has backed leading crypto investment names such as Polychain Capital, CoinFund and Castle