Arca, a crypto investment firm, has launched a dedicated fund for non-fungible tokens or NFTs. The fund, worth $30 million, started to accept investments from November 15. So far, $11.4 million has been raised by the company from 68 investors, and it’s well on the way to achieving its goal of $30 million.
Arca has recently come out with some announcements surrounding the fund. For instance, the company revealed that the fund is oversubscribed, even though it’s only been a few days since its start. Also, only Arca limited partners (LPs) can make investments into the fund. Chief marketing officer of the company Sumana Maitra said that the decision to create the fund was taken based on the NFT ecosystem’s lifecycle.
Jeff Dorman, as the CIO, will oversee the fund, and Sasha Fleshyman has been appointed as its portfolio manager. In October 2021, the Endeavor Fund saw the entry of Arca into early-stage investments. When the fund closed, its goal of $30 million had been achieved, and the company invested the money into companies such as BlockchainSpace, Bitwave, and Lattice.
According to Maitra, the NFT fund is different from the Endeavor Fund as it is focused on investing in NFTs, as opposed to Endeavor’s predominant investments via token and equity investments.
Some of the Arca NFT fund’s investment focuses will include in-game assets, digital property, the interaction of NFTs with DeFi, and NFT collectibles and art. This fund sees yet another venture capital firm betting on digital assets, a trend that has grown significantly since 2020.