1kx raises $75 million in latest funding round
Companies • March 29, 2024, 3:20PM EDT
Published 1 minute earlier on
Quick Take
- Investment firm 1kx has raised $75 million for a new oversubscribed closed-ended fund, the firm said Thursday in a statement.
1kx has raised $75 million, the latest sign investors are once again embracing the cryptocurrency industry. The investment firm on Thursday completed the first close of a new oversubscribed closed-ended fund, a statement from the company said. The round included participation from Marc's Marc Andreessen and Chris Dixon, as well as Accolade Partners and Galaxy Digital. The firm said that with this recent closing, 1kx has raised $275 million across two funds since the start of the crypto bear market nearly two years ago. The latest funding will be allocated to offering technical support, financial resources and infrastructure assistance to early-stage companies and token networks. This support aims to help these entities attract new users and cater to their communities. This latest fundraiser marks investors’ renewed interest in the digital assets industry after nearly two years of belt-tightening from venture capitalists and other investors during the cryptocurrency bear market. The value of VC investments increased 2.5% from the third to the fourth quarter of 2023, data from PitchBook shows. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Elizabeth Napolitano is a data reporter covering business and technology news, with a focus on cryptocurrencies. Prior to joining The Block, Elizabeth reported on BigTech, AI, crypto and videogames for CBS Moneywatch. As a CoinDesk reporter, she covered DeFi, NFTs and U.S. courts. She holds an MA in Journalism from CUNY. Follow her on X: @LizKNapolitano
More by Elizabeth Napolitano
