Venture studio Draper Goren Holm has announced the launch of a $ 25 million blockchain fund.
The announcement was made Tuesday, October 6 at the LA Blockchain Summit
This has been associated with reports that the company plans to expand internationally before the end of 2020.
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On Tuesday, October 6, at the 7th Annual LA Blockchain Summit, fintech venture capital firm Draper Goren Holm announced the launch and main close of „Fund 1“ – the studio’s first traditional venture capital fund of 25 millions of dollars.
According to a press release , „Fund 1“ is intended to provide seed and Series A funding to promising fintech and blockchain startups. The investment strategy of “Fund 1” is a continuation of the venture capital studio’s successful plan of being the “first check” for new projects at an early stage.
Although the company, led by well-known investor Tim Draper, is headquartered in Los Angeles, Draper Goren Holm plans to focus on European expansion in the coming months. A new office is expected to open in Vienna, Austria, in December 2020, and “Fund 1” will start investing immediately.
Commenting on the expansion goals, Josef Holm, one of the company’s co-founders, said: “ Europe is emerging as a major hub for fintech, and more specifically, blockchain innovation.
He continued like this:
It’s amazing how Europe’s pro-crypto and blockchain governments have evolved in recent years,
before concluding :
Fund 1 will capture this constantly growing market and Draper Goren Holm will expand its added value beyond our home borders.
Comments from Draper
Founded in 2018, Draper Goren Holm has made waves during its relatively short existence. It is a driving force behind the LA Blockchain Summit. The company has 18 portfolio companies and has recently experienced significant organic growth, primarily in the decentralized finance (DeFi) and security token sectors.
Also quoted in the statement was Draper himself, who said:
I am delighted to participate in “Fund 1”. Our leading blockchain conference and accelerator has funneled some of the best talent and entrepreneurs in the industry, and this new fund will allow us to double and even triple our favorite projects.