**Crypto Funds See Major Boost with New Investments**
Digital asset management firm ParaFi Capital has successfully raised $120 million from investors like Theta Capital Management and Accolade Partners, highlighting robust growth in crypto funds. This follows Lemniscap's recent $70 million raise aimed at investing in startups.
**Key Points:**
- **Market Sentiment:** Improved cryptocurrency prices have spurred increased fundraising activities.
- **ParaFiâs Strategy:** The new funds will partly be used to acquire stakes in other crypto funds, aiming for a portfolio of up to 50 stakes over the next 3-5 years.
- **Industry Insight:** ParaFi founder Ben Forman emphasized the need for specialization as institutional capital flows into the crypto space.
**Other Notable Fundraises:**
- **Lemniscap:** $70 million to invest in blockchain-based businesses.
- **Andrena:** $18 million for DAWN, a decentralized wireless network.
- **Blockscout:** $3 million seed round to enhance its block explorer services.
- **Cartridge:** $7.5 million for blockchain game development tools.
The crypto fundraising landscape is buzzing with activity, signaling a positive outlook for the industry.