Bain Capital-backed VC firm Uncorrelated Ventures has raised $315 million for a new fund focusing on software and crypto, General Partner Salil Deshpande confirmed via email.

Bloomberg first reported the news, with Deshpande telling the outlet it was easy to find investors for the fund, adding he had "no difficulty" in raising the capital despite a poor 2023 for VC deals in the crypto industry.

The California-based firm will allocate around 80% of the new fund to early-stage traditional software investments and 20% to crypto startups.

Uncorrelated Ventures has previously backed crypto projects including Compound, Cosmos, dYdX, Helium and Uniswap, according to its website. "It’s real technology with real use cases," Deshpande told Bloomberg. "I think the use cases were in the past …