It’s the second fund for the venture capital firm led by The Block founder Mike Dudas.
6th Man Ventures has raised $145 million for its second crypto fund, which will focus on early-stage investments, according to a report at The Block.
Limited partners for the new fund included Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures and Animoca Brands, as well as a group of angel investors – hedge fund billionaire Bill Ackman and Andreessen Horowitz partners Marc Andreessen and Chris Dixon among them.
According to the report, around 20 investments have been deployed so far from this new fund, which focuses on early-stage projects and will write checks of $1 million to $2 million for each deal.
Dudas, who left his role as The Block CEO last year for stablecoin firm Paxos, said the 6th Man’s first fund had $7.4 million in capital and invested in 75 projects with an average check size of $100,000.
Despite the turbulent start to 2022 for digital asset prices, venture capital deals have marched on. Recent raises have included a $650 million fund from Dragonfly Capital, $200 million from Blockchain Coinvestors and $250 million vehicle from SPiCE VC.