Escape Velocity Raises $25 Million for Its First Crypto Fund

Crypto venture capital firm Escape Velocity has raised $25 million for its first crypto fund, and could reach a $30 million cap before the fund officially closes in the coming weeks. The fund's investors include founders of prominent venture capital firms such as a16z, Multicoin, Castle Island Ventures and Framework Ventures, as well as senior partners at Apollo Global Management.

The new fund reportedly seeks to invest in early-stage projects. Check sizes will be anywhere between $250,000 to $1 million, with the funds being deployed over the course of three years. About a third of the cash is reserved for follow-on investments. The fund has already made five investments, including Xnet and Andrena.