Breed VC Secures $15 Million for Second Crypto Fund Amid Challenging Market Conditions
Jed Breed, founder and general partner of Breed VC, has successfully raised $15 million for his firm's second early-stage crypto fund. This is a significant development in the current market, which has seen many smaller firms struggle to raise funds.
The new fund, Fund II, will focus on investing in decentralized startups, including open financial infrastructure and decentralized AI. Breed VC plans to write checks of $250,000 to $750,000 per startup, with each check representing about 2% to 5% of the fund's capital.
Breed said that he intentionally kept the fund small to focus on returns for investors rather than fees from managing a larger fund. He also noted that the small fund size provides 'high-conviction deal access to competitive Tier-1 rounds.'