US-based venture capital firm Tykhe Block Ventures has announced the first close of its Blockchain Growth Fund while also pledging to invest a quarter of the funds into the Mena region.
The fund has raised $30 million in capital commitments, and the firm has stated that it will invest close to $10 million into blockchain and web3 startups based in Mena.
In addition, Tykhe is also in the process of setting up a Dubai office and plans to launch a $100 million fund later this year.
The company was founded in 2021 by tech investor Prashant Malik.
He has likened investor interest in the blockchain as akin to the rise of social media in the early days of Facebook.
Malik also believes that the blockchain sector will prove resilient to the fallout from the bankruptcy of crypto exchange FTX, stating that the companies that have imploded of late are all centralised entities and, therefore, not related or correlated to the decentralisation ethos of blockchain technology.
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