$369 Million Reportedly Raised by Pantera Capital
Pantera has recently made an announcement that the most recent funding round it had launched has finally come to an end. The firm has announced that from the latest funding round, it has successfully generated a very decent amount for project developments.
According to Pantera, it has generated $369 million from the particular funding round. The firm has announced that it will be dedicating its funds to two major developments. The first development would be for its new blockchain fund. The second development would be the war chest’s restocking. This way, the company will be ready for bets throughout the ecosystem for cryptocurrencies.
Pantera has reportedly made the announcement followings its filing with the Securities and Exchange Commission of the United States. At the Securities and Exchange Commission, the businesses are required to submit their filings for businesses and operations.
In the filings, the firms have to reveal any new or old project or development they have made since the last filing. Therefore, Pantera had to reveal the details in order to make sure it is fully compliant with regulations in the United States.
Once the filing is submitted, the US SEC proceeds with making any information public that the company has hidden from the commoners. This is the reason why Pantera went ahead and officially announced the details of the funding round.
Pantera officials have confirmed that it had the support of over a hundred participants in the particular funding round. To be exact, the data suggests that the total number of contributors is 107.
Although the funding round was successful, yet Pantera has not been able to meet the projected proceeds from the particular funding round. The firm has revealed that they had estimated to raise $600 million from the particular funding round, but only managed to raise $369 million.
The firm has announced that as they were not able to meet the target, therefore, they have decided to re-open the fund. According to Pantera, the fund will be kept open for an indefinite amount of time until the target is met.
Pantera has revealed that the blockchain fund they are raising will act as an omnibus cryptocurrency investment vehicle for Pantera. They will be using the proceeds from the funding round towards early-stage protocol tokens, startup equity, and other major cryptocurrencies such as Bitcoin.
As of August 31, 2021, the total assets that Pantera had under its management were reportedly $4.7 billion. The year has proven to be full of venture capital firms pouring funds and investments into startups or development projects by veteran firms.
According to stats from July 2021, the venture capital firms had reportedly spent over $4 billion since the beginning of 2021, on different projects.