Maven 11 Closes Its Oversubscribed Third Fund at $107 Million

Quick take:

Maven 11, the blockchain-focused venture capital firm, has closed its oversubscribed third fund at $107 million, exceeding the initial target of $100 million.

The firm had set out to raise the new fund at the beginning of 2024, aiming to deploy the capital over the next 3-4 years. The new fund will cover projects including new deals, pre-seed and seed, as well as Series A and follow-on investments.

Maven 11’s third fund is slightly smaller than its second fund, which closed at $120 million in December 2021.

Maven 11 is known for its diverse portfolio, backing projects across various sectors. Some of the projects backed by Maven 11’s third fund include the Ethereum scaling platform Spire Labs, on-chain gaming platform JokeRace, decentralised trading platform GTE and the crypto brokerage platform August.

The Maven 11 Fund III plans to draw checks in the range of $500,000 to $5 million and will back both equity and token rounds, with a focus on consumer applications, infrastructure, and projects building at the intersection of blockchain technology and artificial intelligence.

According to a statement, the third fund was anchored by Theta Capital Management, with participation from European and Asian institutional backers.

“We’ve seen and experienced that capital providers have been more sensitive towards VC funding due to the general market conditions, part of which can be ascribed to the large and wide losses after the many 2022 fallouts,” Maven 11 CIO and managing partner Balder Bomans said in the statement.

Maven 11 planned to close the fund in the first half of 2024. However, the it tool several months longer than initially planned to secure the funding, whioich was impacted by the difficult market conditions.