past couple Years of hardship have been difficult and sometimes fatal for many crypto and web3 startups, but Dan Tapiero, CEO, CIO, and managing partner of 10T Holdings and 1RoundTable Partners, is not worried. yeah.
In fact, in the midst of raising his company's fourth fund, he seems positively upbeat about the state of the crypto market, no matter what the situation is. “The deal right now is incredible,” he told TechCrunch+. “Now is the best time to invest in companies…Secondaries prices are at a 50%-80% discount from previous rounds, and this also applies to companies that are performing well.”
Mr. Tapiello's optimism is not. that It's surprising considering the fact that this is a fairly large company in this space. With over $1.2 billion in assets under management, 10T counts major crypto entities such as Gemini, Kraken, Yuga Labs, and Animoca Brands as part of its portfolio.
And Mr. Tapiello's growth-stage firm, 1RoundTable Partners (1RT), is also raising a not-insignificant sum for its next fund, with a minimum of $200 million and a maximum of $800 million. The new fund, which is expected to complete its first closing in March, will invest in growth-stage companies across three major sectors: infrastructure, blockchain, and financial services, as well as smaller sectors such as blockchain gaming, NFTs, and the Metaverse. will focus on.
As the bear market subsides, Tapiello sees few other growth investors focused on the crypto space at the moment. “We've never had a landscape like this before, so we're going to raise as much money as we can. We want exposure to this space, and we're looking to build what is essentially a new company, a large family office, a sovereign “We're seeing some strong interest from really big players, like associations, or national associations,” he said, adding that the company accepts “small amounts of funding” and has already made some investments. .
In the long run
1RT plans to make approximately 10 to 15 additional investments with the new fund and expects to gain an additional five to 10 board seats across these portfolio companies, Tapiello said. . “We not only focus on investing in companies; [more developed companies] public. “