US-based Tykhe Block Ventures announces first close of its $30 million Blockchain Growth Fund
Tykhe Block Ventures, a US-based venture capital firm, has declared the first close of its Blockchain Growth Fund, which was valued at $30 million.
It is led by a group of ultra high net worth individuals (UHNWI) and family offices working in Southeast Asia and the Middle East. The company has decided to allocate around 10 million dollars from the fund to invest in startups with a focus 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.
In addition, he is widely recognized as the creator of Apache Cassandra, a distributed database used by many technology companies 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.
Prashant said about the inspiration behind the birth of Tykhe Block Ventures and the $30M Blockchain Growth Fund;
“My passion for the blockchain space started in 2016, when it drew many parallels from Cassandra, which is a peer-to-peer masterless database that runs on a voting mechanism similar to blockchain. In 2021, together with my partners, we launched a pilot blockchain fund that did significantly well. It gave us the confidence to launch the $30 Mn Blockchain Growth Fund. Despite the softness of the market, we have seen a lot of interest from investors who believe that blockchain is going to be the next big story in the technology space, like how social media was when I started building Facebook.”
Furthermore, Prashant, along with other investment partners, has 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 recently, with companies such as Celsius and FTX facing setbacks and a general decline in cryptocurrency prices. Therefore, it believes that these events will be a decisive 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 this year.
