Blossom announced a new fund worth $432 million, and a third of the capital will be distributed to early-stage crypto firms.
announced
the creation of a new venture fund worth $432 million and according to the company, a third of the funds will be dedicated to digital currency startups. Blossom is a venture capital firm that was launched in 2017 and it invests in European companies leveraging Series A financing. The newly created $432 million fund will also be distributed to early-stage startups seeking Series A capital.
Blossom has previously backed firms like checkout.com, the digital currency firm Moonpay, and the online travel platform Duffel. The companyto Moonpay’s $555 million funding round in November 2021 with the round’s lead, Tiger Global Management, and other strategic investors. Managing partner Ophelia Brown explained during the announcement on Tuesday that she secured the funds from well-known U.S. universities and endowments.
“They share our conviction that early-stage capital can have an outsized impact on the trajectory of a company,” Brown said in a statement. “With this new fund, we are continuing with our high-conviction strategy of providing foundational capital to entrepreneurs.”Blossom’s new fund announcement — that explains a third of the fund will go to early-stage crypto firms — follows a large number of venture capital funds, which have been initiated to bolster crypto, blockchain, and Web3 adoption.
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