ICYMI: 6th Man Ventures is raising $145 million for a second crypto fund
Its second $145 million fund will write checks of up to $4 million for early stage crypto firms, with the average being $1-2 million.Man Ventures has amassed the bulk of $145 million from a who’s who of big name crypto investors for his second venture fund.Man Ventures, a venture capital firm co-founded by Dudas and StayTuned Digital CEO Serge Kassardjian, is the final stages of closing the $145 million raise, Dudas said in an interview with The Block. They have already collected $140 million.
Dudas founded The Block in 2018 before departing last year to join stablecoin firm Paxos. He transitioned to an advisory role at Paxos in February. Dudas alsoDudas and Kassardjian had a mere $7.4 million to play with for 6Man’s first fund. Dudas called it an “operator fund,” with an average check size of around $100,000. But 6Man has now completed investments in over 100 projects and protocols, though only around 20 of those are public.
Roughly 20 investments have already been made through the second fund. Broadly speaking, Dudas is targeting three areas of crypto: play-to-earn gaming and metaverse projects; web3 networks and Decentralized Autonomous Organizations ; and infrastructure.Man can offer startups in an extremely crowded crypto venture market, Dudas said the fund’s personnel will assist portfolio firms with marketing, media relations, go-to-market strategy and business development.
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