Key Takeaways
- • Breed VC has closed its second early-stage crypto fund at $15 million, targeting pre-seed and seed startups in crypto infrastructure, decentralized finance, and real-world assets, according to Cryptobriefing.
- • The Miami-based firm, founded by Jed Breed in 2022, drew commitments from crypto-native backers including FalconX, Castle Island Ventures partner Nic Carter, Dragonfly general partner Rob Hadick, and CoinFund's Jake Brukhman.
- • SEC filings from November 2025 showed a first close of $13.58 million from 51 limited partners, implying an average commitment of roughly $290,000 and a base of individual allocators and smaller institutions.
- • Fund II is slightly smaller than Fund I, which closed at roughly $20 million in early 2023, signaling continued but selective appetite for early-stage crypto bets.
- • The raise illustrates consolidation of early-stage crypto capital around specialist, operator-led firms rather than broad institutional money.
Summary
Breed VC has closed its second fund at $15 million, according to Cryptobriefing, backing pre-seed and seed-stage startups across crypto infrastructure, decentralized finance, and real-world assets. The Miami-based firm was founded in 2022 by Jed Breed, who operates as solo general partner. Other publisher summaries describe the fund as targeting day-zero through seed-stage companies with check sizes reported between $250,000 and $750,000, and focused on open financial infrastructure and decentralized AI.
The fund drew commitments from crypto-native backers including FalconX, a digital asset prime broker; Nic Carter, a founding partner at Castle Island Ventures and a returning backer from Fund I; Rob Hadick, a general partner at Dragonfly; and Jake Brukhman, who runs CoinFund.
Securities and Exchange Commission filings from November 2025 showed a first close of $13.58 million from 51 limited partners. That implies an average commitment of about $290,000, pointing to a base of individual allocators and smaller institutions rather than large endowments. Fund II closed slightly below Fund I, which raised roughly $20 million in early 2023.
Breed previously served as head of digital assets at Circle, where he played a role in creating USDC, the second-largest stablecoin by market capitalization. The firm has made between 30 and 52 tracked deals across both funds, with recent deployments including M1X Global, an infrastructure-focused project.
The raise suggests that early-stage crypto capital is concentrating in specialist, operator-led vehicles even as the broader venture market remains selective.
The fund drew commitments from crypto-native backers including FalconX, a digital asset prime broker; Nic Carter, a founding partner at Castle Island Ventures and a returning backer from Fund I; Rob Hadick, a general partner at Dragonfly; and Jake Brukhman, who runs CoinFund.
Securities and Exchange Commission filings from November 2025 showed a first close of $13.58 million from 51 limited partners. That implies an average commitment of about $290,000, pointing to a base of individual allocators and smaller institutions rather than large endowments. Fund II closed slightly below Fund I, which raised roughly $20 million in early 2023.
Breed previously served as head of digital assets at Circle, where he played a role in creating USDC, the second-largest stablecoin by market capitalization. The firm has made between 30 and 52 tracked deals across both funds, with recent deployments including M1X Global, an infrastructure-focused project.
The raise suggests that early-stage crypto capital is concentrating in specialist, operator-led vehicles even as the broader venture market remains selective.
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