Amsterdam-based crypto venture capital firm Maven 11 has unveiled its third fund with a goal of securing $100 million.
This research-driven fund will aim to invest in early-stage crypto projects that align with Maven 11’s mission to “redefine ownership,” according to a press release from the firm.
Already, one-third of the fund has been committed by limited partners (LPs), and Maven 11 anticipates completing the fundraising by the first half of 2024.
In a statement, Balder Bomans, Managing Partner and Chief Investment Officer at Maven 11, expressed strong confidence in the potential of crypto, saying the sector is “on a path to radically change how we transact and trade in an ever more digitalizing world unlocking value for the everyday user.”
The announcement follows the successful launch of Celestia, Maven 11’s initial venture investment, which the firm said has introduced the world’s first modular blockchain network.
Maven 11’s thesis and research-driven approach
Joining the third venture fund as a new General Partner is Mathijs van Esch, who has been with Maven 11 since 2017.
Van Esch emphasized the fund’s commitment to a heavily thesis and research-driven approach, seeking to partner with founders who challenge the status quo.
Maven 11 has been actively investing in the blockchain industry since 2017, supporting notable projects like Celestia, Risc Zero, Lagrange, Gensyn, and Merit Circle, and the firm is known for its dedication to building early-stage ecosystems.
‘Unique ability to identify important innovation’
Ruud Smets of Theta Capital Management, one of the largest institutional allocators in the blockchain industry, expressed excitement about being an anchor investor in Maven 11’s third fund.
“Maven 11 has demonstrated its unique ability to identify important innovation early on, to deeply understand and contribute to the industry research and to work in a highly constructive manner with founders,” Smets said.
Theta Capital Management has invested over $600 million in crypto-native venture capital funds since 2017.
A portion of the new fund will be allocated to support builders in Maven 11’s Modular Program, aiming to recruit founders developing applications in the emerging modular blockchain ecosystem.
Among other things, the program seeks to provide support to individuals with innovative ideas for applications and protocols, building on so-called rollup technologies.