Lattice Capital Raises $60M for Second Crypto Fund

Lattice Capital, a venture capital firm that makes early-stage bets on crypto projects and protocols, has raised $60 million for its second fund, tripling the capital commitment from its first purse last August, Lattice general partner Mike Zajko told CoinDesk in an interview.

Lattice will write $500,000 to $1.5 million checks out of the fund with plans to invest in 40 to 50 companies, Zajko said. Capital has already been deployed to nine companies, though the only deal that was publicly announced so far was for Optic, a startup that uses artificial intelligence to authenticate non-fungible tokens (NFTs). Optic announced an $11 million funding round last month.

The existence of the Lattice Capital II fund was revealed in a February regulatory filing, but Lattice exclusively confirmed to CoinDesk the size and details of the fund.

In a crowded venture capital landscape, Lattice stands out because of its work with founders of the companies it invests in, helping craft go-to-market strategies, and the firm’s focus on early investments, general partner Regan Bozman said.

The firm has strong ties to crypto exchange CoinList – Bozman was the first employee there and Zajko now runs sales and partnerships at CoinList in addition to working for Lattice – and can offer that knowledge to portfolio companies that plan to launch a token.

The firm isn't deterred by the crypto bear market.

“We continue to be impressed by the talent entering the crypto space and welcome a bear market as an advantageous time for committed investors like us to partner with promising new projects that are as excited to build in a bears as a bull,” Zajko said.

Earlier this week, crypto intelligence firm Messari acquired Dove Metrics, a provider of Web3 fundraising data that was founded by Bozman and Lattice investor Pierre Chuzeville.