Ego death capitalCBN Venture Capital, a venture capital fund focused on investing in Bitcoin startups, has announced the successful first close of its second fund of $100 million.
The fund has already secured $43.35 million in commitments from investors, underscoring the strong interest in backing the next wave of Bitcoin companies. Ego Death has previously backed leading startups such as Relai, Breez, Fedi, LN Markets, and more.
Ego Death Capital was founded by Jeff Booth, Andy Pitt, and Niko Lechuga, and is targeting Series A investments in fast-growing Bitcoin startups through this fund. Preston Bish and Lin Alden recently joined them as general partners in the second fund.
The successful first close indicates a growing appetite among investors to allocate capital to the expanding Bitcoin technology sector.
According to Nico Lechuga, co-founder of Ego Death, “While there are a number of venture capital funds that focus solely on Bitcoin and invest at the Seed stage, there has been no Series A-focused fund to support the rapidly evolving ecosystem.”
“There are almost no words to describe what it feels like to have a front seat to value creation on a protocol that brings truth, hope, and abundance to 8 billion people,” commented Jeff Booth.
The ability of prominent venture capital funds to raise massive amounts of money focused solely on Bitcoin startups signals the maturity and growth of the broader ecosystem. More access to late-stage capital will accelerate the development and adoption of Bitcoin technology.