Crypto investment company DAO5 raised a $ 222 million fund to invest in blockchain projects targeting institutional and government admission. The fund brings the company’s total assets under management to $ 550 million.
Founded in 2022 by Tekin Salimi, a former Partner of Polychain Capital, DAO5 made early efforts on projects including Story Protocol, Bittensor, Beracain and Eigenlayer.
The company’s first fund, launched over the last days of the last bull market three years ago, was fully deployed and has already been returned “the vast majority of obligations to its limited partners,” according to a press release shared with Coindesk.
“Crypto goes into its youth phase. Industry’s dependence on pure speculation as the driving force of growth is no longer as effective as it once was,” Salimi said.
Future success will be a product of “the real integration of blockchain technology in global economic, state and private sectors,” he said.
The new fund’s focus is on-chain public infrastructure, new stableecoin systems and “State Sovhern Artificial Intelligence.”
In line with The Fundraise, the company is planning for its DAO5 fund to convert to a decentralized autonomous organization later this year. To support its expansion, the company added George Lambeth, which previously supported projects such as Avalanche and Celestia, as a general partner.
