Blossom Capital, a London-based venture capital firm that began as a generalist investor in 2017, is now planning to invest significantly more money in the cryptocurrency sector.
Blossom unveiled a new $432 million fund this morning, its third to far. The money will go to European firms looking for Series A funding in areas like consumer, cybersecurity, developer tools, enterprise software-as-a-service, finance, and marketplaces.
According to the company’s release, a third of the funds would be invested in crypto-powered businesses.
“We do hold tokens. We will have exposure to the core protocols,”
So, Ophelia Brown, managing partner of Blossom Capital says
“We are going to do a lot more of what we have already done.”
Blossom does not appear to have much experience backing crypto companies, with the exception of MoonPay. Of course, which it funded in November last year when the crypto payments company raised $555 million at a valuation of $3.4 billion.
However, Brown claims that Blossom’s $185 million second fund has been discreetly investing in tokens and even NFTs, without disclosing those wagers in the same manner that a traditional equity investment would. She adds that the company has spent a significant amount of time. Then, and resources creating the infrastructure required to invest in web3 organizations.
“We have some NFTs — we won’t disclose what, but we have NFTs,”
So, says Brown.
“We believe in the upside of some of these communities very much.”
Blossom’s efforts in the space will be guided by a new crypto-focused partner. That’s, a position that the firm is now recruiting for.
Brown is concentrating on the firm’s fintech investments. She was instrumental in Blossom’s investment in Checkout.com, which garnered $230 million in May 2019.
Since then, the value of Checkout.com has risen from $2 billion to $40 billion.
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