Thursday, October 8, 2020
Draper Goren Holm introduced this week that it launched its first enterprise fund of $25 million to put money into fintech and blockchain startups.
The agency, which has workplaces on the Hub 101 incubator in Westlake Village, will primarily focus the seed and collection A investments in Europe and can open an workplace in Vienna by the tip of the 12 months.
Alon Goren, founding companion, stated the primary fund is a family and friends spherical of investing.
“Alongside Tim Draper and other individual friends investing in us again, other blockchain funds like Blockchain Founders Fund and the Keiretsu Capital Blockchain Fund of Funds participated,” Goren stated in an announcement.
Blockchain is a database that’s immutable or can’t be modified. Essentially the most well-known use for blockchain is as a digital ledger for cryptocurrencies.
Draper Goren Holm produces the LA Blockchain Summit, the place the announcement of the fund was made on Wednesday, in addition to working a blockchain enterprise studio that actively accelerates and incubates early-stage startups. It at present invests in 18 portfolio firms.
Josef Holm, one other founding companion of the agency, stated that Europe is an efficient location to seek out different firms to put money into as a result of it has turn into a serious hub for fintech and blockchain innovation by attracting entrepreneurs in Vienna and Berlin, amongst different cities.
“Fund 1 will capture this ever-growing market and Draper Goren Holm will expand its value-add beyond our initial home borders of Los Angeles,” Holm stated in an announcement.