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Breed VC Has Closed $20 Million Fundraising for Its First Fund

Breed VC, a new crypto-focused firm, has closed fundraising for its first fund and brought in a “considerable portion” of its $20 million target, founder and general partner Jed Breed told CoinDesk during an interview. The fund was backed by Nic Carter and Matt Walsh's Castle Island Ventures, Tribe Capital and Shima Capital, among others.

The venture capital firm closed the fund at the beginning of the year, meaning the fundraise happened during the severe turbulence following the implosion of crypto exchange giant FTX.

Breed VC will focus on pre-seed and seed funding rounds. Verticals of interest include decentralized finance (DeFi), consumer-focused decentralized applications (dapps), non-fungible token (NFT) infrastructure and blockchain scaling solutions.

Breed VC has already made its first deal with a portfolio company, a zero-knowledge borrow/lend platform that has yet to officially announce its details. In addition to financial backing, Breed VC will offer operational support to companies. The smaller size of the fund lends well to one-on-one support, noted Breed, who can also tap his broad crypto network for help on anything from tokenomics design to relationship building,

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