Digital asset manager Arca has just launched its first venture capital fund for the digital asset ecosystem with more than $30 million in subscriptions, the company has announced via Twitter.
According to the press release shared by the company, the Arca Endeavour Fund, which is the name the fund has been given, has been created to invest in early-stage projects, mainly in DeFi, gaming, web 3.0, NFT infrastructure, financial services and insurance, among others.
The fund has already made several seed investments.
Arca veteran David Nage will manage the portfolio. Arca’s chief investment officer Jeff Dorman chairs the fund’s investment committee.
Notably, Endeavour’s lead investor has been Mike Novogratz’s venture capital division of crypto bank Galaxy Digital.
In January 2021, Arca attracted $10 million in a Series A funding round. The firm’s CEO, Rayne Steinberg, said at the time that “the adoption of digital assets as a capital formation mechanism is the biggest innovation in financial services.”