Bain Capital Ventures, one of the world’s largest startup-investment firms — with $5.1 billion in assets under management — has announced the formation of a new $560 million fund that will focus on crypto-related investments.
According to a Tuesday Bloomberg report, the fund closed in November and it has already invested $100 million in 12 undisclosed projects.
Bain Capital Ventures has a history of investing in the crypto and blockchain sector, having previously backed companies such as BlockFi, Compound and Digital Currency Group. The most recent fund BCV Fund I is the first of its kind from Bain Capital Ventures, focusing solely on the crypto market.
A BCV representative told Cointelegraph that the goal of the crypto fund is to back entrepreneurs developing the next generation of open internet infrastructure. The spokesperson went on to say that the “dedicated investment fund” is set up with a highly technical and collaborative approach to help crypto and Web3 builders from seed through growth.
When asked whether cryptocurrencies will have a significant role in the future of venture capital, the representative responded that the internet is going through a major change towards open, community-driven, and decentralized services.
“We believe this seismic shift will be one of the most important technological developments since the advent of the web and will require a new type of investment firm – one that can support the needs of the founders and the ecosystem from ideation through scale.”