Private Equity Firm Maven 11 Secures $107 Million for Its Third Fund, Led by Theta Capital Management
Maven 11, a leading venture capital firm specialising in crypto and blockchain investments, has successfully closed its third fund at $107 million, surpassing its initial target of $100 million. The fund, initially planned to close in the first half of 2024, was anchored by Theta Capital Management.
Despite the European and Asian institutional backers for Maven 11's third fund not being explicitly named in the available search results, the firm has a strong backing from a range of institutional investors, including prominent venture capital and crypto investors like Republic Capital and IOSG Ventures. These backers typically provide capital and strategic support to the fund.
Maven 11's third fund, named the Maven 11 Fund III, will support both equity and token rounds, focusing on consumer applications, infrastructure, and projects building at the intersection of blockchain technology and artificial intelligence. The fund is planned to be deployed over the next 3-4 years.
The fundraising process took several months longer than initially planned due to difficult market conditions. However, Maven 11 CIO and managing partner Balder Bomans stated that capital providers have been more sensitive towards VC funding due to the general market conditions.
The Maven 11 Fund III has already deployed approximately 15% of the raised funds. Some of the projects backed by the fund include Spire Labs (an Ethereum scaling platform), JokeRace (an on-chain gaming platform), GTE (a decentralised trading platform), and August (a crypto brokerage platform).
Maven Capital Partners UK LLP, associated with Maven 11, also has leaders with extensive experience in European private equity, such as Bill Nixon and Daniel Bittner, suggesting a strong European institutional advisory influence.
Despite the lack of detailed information about the European and Asian institutional backers for the Maven 11 Fund III and their specific roles, their typical role in such funds would be to provide capital and strategic guidance to support the fund's investment objectives. The fund plans to invest check sizes ranging from $500,000 to $5 million.
The Maven 11 Fund III will cover projects, including new deals, pre-seed and seed, as well as Series A and follow-on investments. The fund will focus on investing in emerging crypto and blockchain ventures globally, contributing to the growth and development of the blockchain industry.
- The Maven 11 Fund III, having secured capital from venture capital and crypto investors like Republic Capital and IOSG Ventures, will focus on deals that intersect blockchain technology with artificial intelligence, as well as new, pre-seed, seed, Series A, and follow-on investments, aiming to grow and develop the blockchain industry.
- With a range of institutional investors supporting the fund, the Maven 11 Fund III plans to invest in check sizes ranging from $500,000 to $5 million, providing capital and strategic guidance to support its investment objectives, which include consumer applications, infrastructure, and projects at the convergence of blockchain technology and artificial-intelligence.
- The finance news recently reported that Maven 11's third fund, the Maven 11 Fund III, has already deployed about 15% of its $107 million capital, backing projects such as Spire Labs, JokeRace, GTE, and August – all of which are in the areas of Ethereum scaling, on-chain gaming, decentralised trading, and crypto brokerage, respectively, utilizing the latest technology trends in the blockchain and cryptocurrency markets.
