Bain Capital Ventures or BCV have unveiled a $560 million fund that would be invested in crypto-focused businesses. BCV founded more than three decades ago is one of the world’s biggest startup-investment firms. For the last seven years, the venture firm has been providing capital to a number of crypto firms such as BlockFi Inc., Compound, and Digital Currency Group.
Stefan Cohen, the partner at Bain Capital Ventures, said that the firm has already invested $100 million in a number of undisclosed initiatives. However, the new BCV fund is the first of its kind focused entirely on this market.
When asked why now, Cohen said he strongly believes that the current market scenario is on the cusp of a multi-decade technology shift and which would be fulfilled with a dedicated fund structure. “That’s really what lead to the addition of Bain Capital Crypto,” he said.
Amidst the high uncertainty currently engulfing the broader crypto market, BCV remains confident. Alex Evans, a managing partner at Bain Capital Ventures reiterated,
We are fundamentally a long-term oriented, 10-year fund. We are taking a very long view. We are unfazed and in some ways uninterested in short-term market gyrations. We embrace the uncertainty of this market, we are long-term believers. When the certainty is there, it might be too late for this market.
Besides that, Bain has also set sight on number of ventures ranging from crypto startups to decentralized autonomous organizations [DAOs] in areas like Layer 1 blockchains -ones that compete with the likes of Ethereum and storage.
Bain Capital Ventures plans to invest in 30 companies
As per the press release, the venture firm is planning to deploy the capital in the next two to three years and invest in perhaps 30 companies, signaling its intention to be a much more active investor. In addition to that, Bain is also contemplating launching more such crypto-focused funds.
“Our view is that this is a 10-20-year opportunity, and we are building a platform here that we think can facilitate multiple funds over a period of time,” Cohen added.
