C1 Fund Expands Presence in Australia
Crypto venture capital firm C1 Fund is looking to establish itself in Australia by pursuing new investment opportunities. The North America-based firm, backed by Coinbase supporters and lawyers, aims to take advantage of the recent market downturn in the region.
Seeking Undervalued Assets
C1 Fund has reportedly reached out to various Australian venture firms, offering to purchase private holdings at a discount of 50-80% on their last valuation. The firm’s pitch deck reveals its interest in supporting crypto companies with a minimum valuation of $300 million in Series C funding or later rounds.
Potential Targets
While the full list of companies under consideration by C1 Fund is unknown, it is believed that Hong Kong-based web3 firm Animoca Brands and blockchain forensic firm Chainalysis are among its targets. Both companies experienced significant declines in their valuations due to the recent cryptocurrency market downturn.
Valuation Declines
Animoca Brands saw its valuation drop by over 75% from its most recent private valuation, while Chainalysis is trading at a 70% discount compared to its Series F funding round valuation in 2022.
C1 Fund’s Stance
C1 Fund’s co-founder, Dr. Najam Kidwai, clarified that the firm has not yet engaged with any companies at this time.
Hot Take: C1 Fund Seeks Opportunities Down Under
C1 Fund, a crypto venture capital firm, is actively exploring investment opportunities in Australia. With a focus on undervalued assets resulting from the recent market downturn, the firm aims to expand its presence in the region. By reaching out to Australian venture firms and offering to buy private holdings at a discounted rate, C1 Fund demonstrates its interest in supporting crypto companies with substantial valuations. Potential targets include Animoca Brands and Chainalysis, both of which have experienced significant declines in their valuations due to the broader cryptocurrency market slump. However, it is worth noting that C1 Fund has not yet engaged with any companies. As the firm continues to seek opportunities in Australia, it remains poised to capitalize on attractive valuations in the secondary market.
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