Key Takeaways
- • 6th Man Ventures closed a $145 million second fund focused on early-stage crypto investments, with check sizes ranging from $1 million to $2 million per deal.
- • The fund attracted institutional and prominent individual limited partners including Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures, Animoca Brands, Bill Ackman, Marc Andreessen, and Chris Dixon.
- • The firm has already deployed approximately 20 investments from the new fund, demonstrating active capital deployment despite volatile cryptocurrency market conditions in early 2022.
- • 6th Man Ventures' first fund raised $7.4 million and invested in 75 projects with an average check size of $100,000, indicating significant fund growth and larger average deal sizes in the second vehicle.
- • The raise reflects sustained venture capital momentum in crypto despite digital asset price volatility, with competing funds from Dragonfly Capital ($650M), Blockchain Coinvestors ($200M), and SPiCE VC ($250M) also closing in the same period.
Summary
6th Man Ventures, the venture capital firm led by The Block founder Mike Dudas, has successfully raised $145 million for its second crypto-focused fund. The fund targets early-stage investments in digital asset projects and represents a substantial increase in capital compared to the firm's inaugural vehicle, which managed $7.4 million across 75 projects.
The second fund's limited partner base reflects strong institutional and high-net-worth support for crypto venture investing. Institutional backers include Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures, and Animoca Brands. The fund also attracted prominent angel investors, including hedge fund billionaire Bill Ackman and two partners from Andreessen Horowitz—Marc Andreessen and Chris Dixon—signaling continued confidence from established venture and financial figures in early-stage crypto opportunities.
The fund's investment strategy emphasizes early-stage projects with individual check sizes of $1 million to $2 million, a significant increase from the $100,000 average deployed in the first fund. As of the report date, approximately 20 investments had already been deployed from the new vehicle, demonstrating active capital deployment despite unfavorable cryptocurrency market conditions in early 2022.
The timing of this raise highlights the persistence of venture capital activity in crypto despite volatile digital asset prices during the period. Other notable crypto VC closes announced concurrently included Dragonfly Capital's $650 million fund, Blockchain Coinvestors' $200 million vehicle, and SPiCE VC's $250 million fund, indicating sustained institutional appetite for exposure to blockchain and digital asset infrastructure.
The second fund's limited partner base reflects strong institutional and high-net-worth support for crypto venture investing. Institutional backers include Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures, and Animoca Brands. The fund also attracted prominent angel investors, including hedge fund billionaire Bill Ackman and two partners from Andreessen Horowitz—Marc Andreessen and Chris Dixon—signaling continued confidence from established venture and financial figures in early-stage crypto opportunities.
The fund's investment strategy emphasizes early-stage projects with individual check sizes of $1 million to $2 million, a significant increase from the $100,000 average deployed in the first fund. As of the report date, approximately 20 investments had already been deployed from the new vehicle, demonstrating active capital deployment despite unfavorable cryptocurrency market conditions in early 2022.
The timing of this raise highlights the persistence of venture capital activity in crypto despite volatile digital asset prices during the period. Other notable crypto VC closes announced concurrently included Dragonfly Capital's $650 million fund, Blockchain Coinvestors' $200 million vehicle, and SPiCE VC's $250 million fund, indicating sustained institutional appetite for exposure to blockchain and digital asset infrastructure.
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