Bain Capital-Backed VC Firm Raises $315 Million for Software and Crypto Fund
Bain Capital-backed VC firm, Uncorrelated Ventures, has successfully raised $315 million for a new fund that will focus on investments in software and crypto. General Partner Salil Deshpande confirmed the news, stating that it was easy to find investors for the fund despite a challenging year for VC deals in the crypto industry. The California-based firm plans to allocate 80% of the fund to early-stage traditional software investments and the remaining 20% to crypto startups. Uncorrelated Ventures has previously supported projects such as Compound, Cosmos, dYdX, Helium, and Uniswap. Deshpande emphasized the importance of properly valuing use cases in order to avoid overhyped and overvalued investments.
Crypto Venture Funding Hits Multi-Year Lows
Last year saw a significant decline in crypto venture funding due to high-profile collapses and bankruptcies of companies like FTX, Celsius, and Three Arrows Capital. In Q4 2023, funding dropped to $552.8 million, a decrease of over 95% compared to the peak of $13.5 billion in Q1 2022. This marks the lowest level since Q3 2017, according to The Block Pro deals dashboard.
Hot Take: Uncorrelated Ventures’ New Fund Signals Confidence in Software and Crypto Investments
Bain Capital-backed VC firm Uncorrelated Ventures’ successful fundraising for their new software and crypto-focused fund demonstrates continued confidence in the potential of these sectors. Despite a challenging year for crypto venture funding, the $315 million raised indicates strong investor interest. With 80% of the fund allocated to traditional software investments and 20% to crypto startups, Uncorrelated Ventures aims to capitalize on opportunities in both areas. By properly valuing use cases, the firm seeks to avoid overhyped and overvalued investments. This development bodes well for the future growth and innovation within the software and crypto industries.
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