Pillar VC Raises $192M for Two Funds With Crypto Focus

Venture capital firm Pillar VC raised $192 million for two funds focused on crypto as well as fintech, artificial intelligence/machine learning and enterprise Software-as-a-Service (SaaS).

• The Boston-based firm raised $169 million for its Pillar III fund and $23 million for Pillar Select, according to an announcement Tuesday.
• Investments will be focused on northeast U.S., it said.
• The funds will make pre-seed investments of $50,000-$500,000 and seed-round investments of $2 million-$6 million in startups focused technologies including crypto, fintech, and AI/ML.
• USDC-backer Circle is among Pillar's beneficiaries from previous funds. The firm joined a mammoth $440 million fundraising round in May alongside Fidelity and CoinDesk parent Digital Currency Group.
• Circle intends to go public later this year via a SPAC deal worth $4.5 billion.

Read more: Circle Reveals Assets Backing USDC Stablecoin

UPDATE (July 20, 16:28 UTC): Corrects dollar amount of how much was raised for Pillar III and Pillar Select funds.