Europe’s Cherry Ventures dives into crypto with new $34 million fund (via _tommatsuda)
Berlin-based venture capital firm Cherry Ventures has launched its first crypto fund.
Other than one 2018 pre-seed round for NFT startup Unlock Protocol, the Cherry Crypto I fund will be the firm’s first major foray into the digital asset space,Patrick Mayr, an investor on the Cherry crypto team, says the fund is backed by both Limited Partners familiar with Cherry that are looking for crypto exposure, and by new investors who are only investing into the crypto fund.
“Crypto has a lot of its early roots in Europe,” he says, citing how Ethereum was launched in Berlin. “But it was only really in the last twelve months that you’ve seen an influx of European crypto founders — it’s like a waterfall of crypto entrepreneurs at the moment.”The crypto founders targeted by Cherry will be funded primarily through token-based investments over equity.
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