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Golden Gate Ventures launches a $10 million crypto fund

August 10, 2018

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Golden Gate Ventures launches a $10 million crypto fund

Singapore-based Golden Gate Ventures announced the launch of a $10 million crypto fund, called LuneX Ventures.

It is Southeast Asia’s first dedicated crypto/blockchain fund with traditional VC backing.

LuneX Ventures is looking for global startups that are building out services to grow the new crypto ecosystem.

The fund will run by founding partner Kenrick Drijkoningen, who was previously head of growth for Golden Gate and associate Tushar Aggarwal, who hosts the Decrypt Asia podcast. They will cooperate with a small support team assisted by Golden Gate’s back office team.

Investors in the fund will include high-net worth individuals and family offices.

“We view blockchain as a foundational technology, on a par with or possibly exceeding the Internet in disruptive potential. Right now valuations have come down to more reasonable levels and the industry is moving from pioneers to early adopters, which is a great time to start investing,” Kenrick Drijkoningen told.

He noted that the fund is looking for entrepreneurs and companies who are able to bring the industry to the next level.

According to Drijkoningen, blockchain entrepreneurs are not only looking for capital, but specialized funds like LuneX to provide industry access and expertise, which conventional VC funds have trouble to provide.

“Traditional investors currently struggle to access this new asset class: there are legal, custodian, banking, tax and other operating obstacles to overcome. LuneX Ventures has been been built from the ground up to address all these. We have gone the extra mile to make sure the fund is fully compliant while providing easy access to accredited investors. Our mandate allows us to invest in tokens of promising startups. For us, it’s important that our interests are aligned with those of founders. In the end this is how we all benefit,” he concluded.