Tribe Capital, a venture capital firm with investments in Kraken and FTX among others in the crypto sector, is launching a $75 million crypto fund, sources familiar with the initiative told CoinDesk.
The fund initially sought to raise $50 million but strong interest from investors raised the total, according to the sources.
San Francisco-based Tribe Capital’s fund will focus strictly on the crypto sector, taking long positions in early-stage projects, SAFTs (simple agreements for future tokens, a type of investment agreement that developers use to work with investors), yield farming, treasury buys and mining.
The fund will make 75% of its investments in U.S. projects and 25% internationally.
Tribe Capital has had a deep interest in the blockchain space, investing about 20% of its assets in cryptocurrency projects, according to the sources. Its portfolio includes an investment in Digital Currency Group, CoinDesk’s parent company. Last month, the firm participated in a $10 million Series A funding round for Floating Point Group, which offers custody and algorithmic trading services to institutional investors.
Arjun Sethi, Tribe Capital’s co-founder, and Jared Madfes, a partner at the firm, will manage the crypto fund.
Read more: Republic Launches $60M Crypto Seed Fund