Charlottesville venture firm Factor Capital Management has launched with plans for a $30 million fund to seed startups that utilize blockchain technology.
The fund, which already has $10 million in commitments, is backed by Jersey City, New Jersey, crypto trading firm GSR Markets, Amsterdam blockchain venture firm Theta Capital Management, execs from New York City’s Two Sigma Investments and founders from Austin, Texas-based Multicoin Capital, San Francisco’s Lattice Capital Management and Seattle’s Cosmos Network, among others.
Factor Capital is led by founder Jake Dwyer, a former executive with both GSR and Two Sigma. The firm already has several existing portfolio companies, including Chile’s Koywe; New York City’s Parcl; D.C.’s Jasmine Energy; and New York City’s Neutral.
The firm plans to issue funding allotments between $500,000 and $1 million from its fund to early-stage companies.
"We are excited to partner with founders and investors who align with our vision of investing in businesses that have a real-world impact," Dwyer said in a statement. "Our thesis is basic: Blockchain is on the cusp of mainstream adoption, and we want to support the companies that will drive this adoption forward."
