BlockTower Launches Dedicated Venture Capital Arm, New $150M Fund

According to The Block, encrypted asset management company BlockTower has launched a dedicated venture capital department and a new $150 million fund, and Thomas Klocanas, BlockTower's general partner, is in charge of the new venture capital department. BlockTower's recent investments in startups such as Aptos, Lighthouse Labs and Maple Finance are all part of the new fund. The fund's investments are skewed toward DeFi and crypto infrastructure companies, with plans to invest in about three years. Approximately 90% of the fund will be deployed into 20 to 25 core portfolios ranging in size from $500,000 to $6 million, and the firm is aiming for between 5% and 10% ownership in terms of equity, or The ownership in the currency is between 2% and 5%.