Fabric Ventures Seeks Exposure to the Cryptocurrency Space
Fabrics Ventures, a leading venture capital firm in Europe, is seeking to expand its presence in the cryptocurrency market. The firm is known for investing in software infrastructure, finance and media projects and has over $40 billion in assets under management.
The asset manager said it is now expanding its presence in the digital asset and decentralized technology space. Fabrics Ventures announced this via a Medium post, stating that “Our new fund, Europe’s biggest of its type, will double down on the same thesis backing founders across the globe. Fund 2021 is backed by the European Investment Fund, Atomico, Galaxy Digital, DCG, and the founders of Ethereum, Wise, and MySQL.”
Other investors in this fund include 42 partners, executives, contributors, and founders from the open web community. These investors and contributors would help boost the success of the portfolio.
Nicolas Julia, co-founder, and CEO at Sorare is happy with the launch of the new Fabric Ventures Fund. She stated that “Fabric was one of our early supporters from our Seed round, and not only did they provide capital critical introductions, but they also became actively involved with our platform community. They are on a very short list of funds that merge operational backgrounds, with deep crypto expertise and a willingness to actively contribute to their portfolio. I am thrilled to have worked with Fabric so far.”
Fabric Ventures to Support Companies in the Digital Asset Space
The cryptocurrency space has experienced massive growth over the past decade, with the number of innovations continuously rising. The crypto market is now worth over $2 trillion, and further is expected in the coming years.
Fabrics Ventures wants to become one of the leading VC firms in the cryptocurrency space. The firm is committed to funding digital asset companies in Europe and abroad to ensure they continue to innovate and develop new technologies and solutions. “We will back traditional equity as well as the software tokens and other digital assets native to these new, inclusive, collaborative networks and applications,” Fabrics added.
To ensure the fund performs as expected, Fabrics has put together a team of experts with years of experience in the finance and technology space. The Fabric team comprises experienced founders and operators tirelessly serving the next generation. The team will continue to participate actively in the new decentralized networks and invest in the fundamental research on which they were developed.
The firm’s EIF-backed fund is specially designed to invest in digital assets. Fabrics said it has been in touch with EIF since December 2019 and is excited to be the first manager to help EIF enter the world of decentralization and digital assets.
“Our new fund will refine the thesis of our 2017 vintage whose portfolio of projects encompass open web, open finance, and open media; include Polkadot, TheGraph, Sorare, 1Inch, SkyMavis, and Near; and have a combined value north of $42bn today,” Fabrics added.
Fabrics are happy with its 2017 Fund as it has attained approximately a 20x multiple on the invested capital, the firm’s leading performer over the past five years. EIF Chief Executive Alain Godard is excited that they are working with Fabrics Ventures in exploring the cryptocurrency space. “Despite their rich engineering talent, deeptech entrepreneurs in the blockchain sector in Europe often struggle to find financial support and investors that have a deep understanding of their space. This partnership seeks to address that need and unlock financing opportunities for entrepreneurs active in the field of blockchain technologies,” he added.
Fabric Ventures’ New Fund is Backed by Some Popular Names
The Fabric Ventures’ new fund is backed by some of the leading names in the cryptocurrency and digital asset space. They include Niklas Zennstrom’s venture firm Atomico, Mike Novogratz’s Galaxy Digital, Barry Silbert’s DCG, German multi-family office Lennertz Co., Blockchain Co-investors, and Hutt Capital.
Mike Novogratz is one of the popular names in the cryptocurrency space and has been around for the past decade. His Galaxy Digital investment firm has invested in numerous cryptocurrency projects over the years and also makes it easier for institutional investors to gain access to the cryptocurrency space.
Barry Silbert is another name in the cryptocurrency space and is associated with Bitcoin. His contribution to the crypto industry is immense, and his DCG investment firm has invested in some crypto projects over the years.
In addition to these popular names, Fabrics Ventures has other leading investors, including Ethereum, (Transfer)Wise, PayU, Polkadot, Sorare, Ledger, StakeDAO, Stake Capital, PayPal, Google, The New Institute, Verifone, Earlybird, Accelerator Ventures, Ebury, Aztec Protocol, Raisin, Aragon, Orchid, MySQL, MariaDB, NEAR Protocol, Curve, Blackpool, Felix Capital, LocalGlobe, Matrix Partners China, Brunswick, OpenOcean, DN Capital and Claret Capital.