The previous couple The years have been challenging, and sometimes deadly, for many crypto and web3 startups, but Dan Tapiero, CEO, CIO and managing director of 10T Holdings and 1RoundTable Partners, isn’t worried.
In fact, in the midst of raising the company’s fourth fund, he seems positively upbeat about the state of the crypto market despite how things are going. “The deals right now are incredible,” he told TechCrunch+. “It is the best time to invest in companies. . . prices in the secondary are 50% to 80% off previous rounds — and that goes for companies that are doing well.”
Tapiero’s optimism is not that It’s amazing when you consider the fact that this is a pretty big company in the space. With more than $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 1RoundTable Partners (1RT), Tapiero’s early-stage company, is also raising a not-insignificant amount for its upcoming fund: at least $200 million and up to $800 million. The new fund, which is expected to close in March, will focus on growth-stage companies in three main axes – infrastructure, blockchain and financial services – as well as smaller buckets: gaming blockchain, NFTs and metaverse.
As the bear market thaws, Tapiero sees few other growth stock investors committed to the crypto space right now. “The landscape has never been so empty, so we will increase as much as we can. We’re seeing some strong interest from really big players like big family offices, government entities or national entities that want exposure to the space and are essentially new,” he said, adding that the firm has received “some money”. and has already made some investments.
Taking in the distant view
With the new fund, 1RT plans to make about 10 to 15 additional investments in hopes of gaining another five to 10 board seats in those portfolio companies, Tapiero said. “We will not only focus on investing in companies, but also potentially bring [more developed companies] public.”
