One in every of South Korea’s main blockchain evangelists is embarking on one other big blockchain fundraise following the success of his first.
Simon Seojoon Kim is planning to lift $173 million for a second blockchain fund following the success of the preliminary one, which netted $120 million from investors in December 2020. Specifics relating to the brand new fund and its potential buyers are skinny on the bottom, nevertheless.
Kim, dubbed “the Jedi Grasp of cryptocurrency” by Sean Park, a senior accomplice at Hong Kong-based Boston Consulting Group, co-founded the blockchain and crypto enterprise capital agency Hashed in 2018. The agency invests in crypto startups to allow them to develop by means of workers growth, partnerships and advertising.
It has attracted big-name financiers reminiscent of Naver, South Korea’s third-largest firm by market worth, which invested $12 million within the first Hashed blockchain fund.
The Seoul-based firm serves as a gateway to Asian markets for buyers within the West. It has invested in quite a lot of notable firms and blockchain initiatives reminiscent of Klaytn, the general public blockchain of South Korean mobile giant Kakao. Hashed investments normally vary from round $1 million to $10 million per firm.
The portfolio is in depth and likewise consists of Dfinity, the creator of the Web Laptop, Ethereum side-chain platform Skale, Korean blockchain community Icon, and a number of other decentralized finance initiatives, reminiscent of lending platform MakerDAO, Synthetix, Kyber Community, decentralized alternate dYdX and stablecoin platform Terra.
Kim made his fortunes by being an early investor in Ethereum simply after the community launched in 2015. Relating to trade funding, he acknowledged, “Our buyers wish to maximize their revenue, however in addition they wish to be taught concerning the market by means of us,” based on Bloomberg.
He added that the blockchain expertise market remains to be nascent, which is a large upside for buyers.
There was a document quantity of enterprise capital funds investing in crypto and blockchain this yr. The primary half of 2021 noticed greater than double the quantity invested than all earlier years mixed.
Round $17 billion of venture capital cash was channeled into blockchain initiatives between January and June, and Hashed is seeking to faucet into extra of it through the second half of the yr.