This week the former Digital Currency Group (DCG) Vice President of Investments, Travis Scher, announced a $72 million crypto-focused venture capital fund backed by the billionaire investor Paul Tudor Jones and hip-hop star LL Cool J. The crypto VC fund was invoked by Scher, the private equity veteran Glenn Hutchins, and his son James Hutchins as well.
On Thursday, February 4, 2021, a former DCG executive, Travis Scher tweeted about the new crypto-centric venture capital fund he started with two other partners. The crypto VC fund is managed by North Island Ventures partners Scher, Glenn Hutchins, and James Hutchins.
The fund announcement explains that the new venture capital crypto fund initiated by North Island Ventures is backed by well known individuals. Investors in the fund include the rapper and hip hop star LL Cool J and also billionaire investor Paul Tudor Jones. Additionally, the announcement also mentions Twitter COO Anthony Noto and Pepsico CEO Indra Nooyi as investors.
The press release also says that the crypto-focused VC fund has “raised some $72 million.” Moreover, Hutchins details that cryptocurrencies will be the next big trend.
“Crypto promises not just to revolutionize finance but also to invent a new computing paradigm that will be as transformational as the PC, the internet, mobility, and the cloud,” Hutchins said during the announcement. “It is the proverbial next big thing,” the private equity veteran added.
The three managers at North Island Ventures detail that the partners have been investing in crypto for years and Hutchins in particular, started investing in bitcoin (BTC) when it was around $400 in 2016.
So far the new crypto VC fund has already started to invest, as the announcement details that it has made seven investments to-date. Investments include startups like Axelar, Dapper Labs, Nori, and more.
“Crypto is no longer just a fringe technology movement,” Scher stressed. “There is extraordinary momentum behind decentralized solutions to some of society’s biggest problems, and our goal at North Island Ventures is to partner with the top entrepreneurs in the world bringing these solutions to life.”
On Twitter, the former DCG Vice President of Investments further said that year one has been a blast, and that the team is “just getting started.” “We believe that crypto offers solutions to some of the world’s most pressing problems, and our mission is to support the best entrepreneurs in the world bringing these solutions to life,” Scher concluded.
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