US-based Tykhe Block Ventures Announces First Close of its $30 Million Blockchain Growth Fund
Tykhe Block Ventures, a Venture Capital company based in the USA, has declared the first closing of its Blockchain Growth Fund, which was valued at $30 Million.
It is being led by a group of Ultra-High Net Worth Individuals (UHNWIs) and Family Offices working in Southeast Asia and the Middle East. The company has decided to allot around $10 million from the fund to invest in startups focusing on blockchain and Web3 in the Middle East.
The Genesis of Tykhe Block Ventures with Prashant Malik
In 2021, Prashant Malik established Tykhe Block Ventures. He is a prominent investor in Southeast Asia, having invested early in several successful unicorns such as Urbanclap, Shadowfax, OfBusiness, and Coinswitch.
Additionally, he is widely acknowledged as the creator of Apache Cassandra, a distributed database utilized by many technology enterprises worldwide. While working as one of Facebook’s earliest employees, Prashant developed Cassandra and released it as an open-source project under the Apache Cassandra umbrella.
Speaking on the inspiration behind the birth of Tykhe Block Ventures and the $30M Blockchain Growth Fund, Prashant said;
“My passion for the blockchain space started in 2016, as it drew a lot of parallels from Cassandra which is a peer-to-peer masterless database running on a voting mechanism similar to blockchain. In 2021, together with my partners, we launched a pilot blockchain fund which did considerably well. That gave us the belief to launch the $30 Mn Blockchain Growth Fund. Despite the softness in the market, we have seen great interest from investors who believe that blockchain is going to be the next big narrative in the technology space, like how social media was when I started building Facebook.”
Furthermore, Prashant, along with other investment partners, have pledged a total of $5 million to the fund as sponsors. The fund managers boast over 30 years of collective experience in blockchain investing, having invested in more than 80 companies in the past.
The startup understands that the blockchain space has experienced setbacks lately, with companies such as Celsius and FTX suffering setbacks and a general decline in cryptocurrency prices. Hence, it believes these events will be a crucial and positive adjustment for the industry.
In addition, Tykhe has revealed plans to establish its office in Dubai. As such, it plans to introduce a $100 million fund later in the year.