LA-Based Blockchain Venture Firm Raises $25 Million Fund

Ben Bergman

Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.

LA-Based Blockchain Venture Firm Raises $25 Million Fund
Photo by Austin Distel on Unsplash

Draper Goren Holm, the Los Angeles-based venture studio focusing on early stage blockchain startups, has raised its first traditional venture fund with $25 million to bankroll seed and Series A rounds. The announcement was made at the firm's seventh annual Los Angeles Blockchain Summit, which was scheduled to take place at the L.A. Convention Center and offered attendees $100 worth of bitcoin each. Instead it's gone virtual.

The firm was founded in 2018 by Tim Draper – a prolific Bay Area VC whose early bets on unicorns like Tesla, SpaceX and Twitter paid off big before he became a leading proponent of crypto currency – along with serial entrepreneur Josef Holm and Alon Goren, co-founder of the Crypto Invest Summit.

The firm was founded in 2018 by Tim Draper (center)– a prolific Bay Area VC whose early bets on unicorns like Tesla, SpaceX and Twitter paid off big before he became a leading proponent of crypto currency – along with serial entrepreneur Josef Holm (right) and Alon Goren, co-founder of the Crypto In

As a venture studio, Draper Goren Holm has already backed 18 startups, carving out a niche in decentralized finance (DeFi) and the security token and digital securities sector. Portfolio companies include DeFi Money Market, Totle, Ownera, Innovesta, LunarCrush, Degens, Giftz, Vertalo, Coinsquad, CasperLabs and Jointer.

Southern California is not known as a crypto hotbed, but Goren, who was born and raised here, says by its nature crypto is decentralized so founders and investors might as well live somewhere that they desire.

"Have you ever lived somewhere you didn't actually want to be?" Goren asked. "It sucks. I don't want to invest in someone that isn't where they wanna be."

Goren added that he thinks Southern California can also nurture higher-quality startups.

"The startups here, for a long period of time, had to prove a little [more] than up in Silicon Valley their worth and I think it made for a more realistic and solid foundation for growth," Goren wrote in an email. "Companies seemed to always be a little further along and a little more established before they went out to raise a round."

Though it will still be based in Los Angeles, Draper Goren Holm will be opening an office in Vienna, Austria in December, led by Holm, who is Austrian and has been splitting his time between that country and Santa Monica.
https://twitter.com/thebenbergman
ben@dot.la

Subscribe to our newsletter to catch every headline.

Cadence

Data Is Helping Physicians Track Their Patients Health One Heartbeat at a Time

S.C. Stuart
S.C. Stuart is a foreign correspondent (ELLE China, Esquire Latin America), Contributing Writer at Ziff Davis PCMag, and consults as a futurist for Hollywood Studios. Previously, S.C. was the head of digital at Hearst Magazines International while serving as a Non-Executive Director, UK Trade & Investment (US) and Digital Advisor at The Smithsonian.
Data Is Helping Physicians Track Their Patients Health One Heartbeat at a Time

Are you a human node on a health-based digital network?

According to research from Insider Intelligence, the U.S. smart wearable user market is poised to grow 25.5% in 2023. Which is to say, there are an increasing number of Angelenos walking around this city whose vital signs can be tracked day and night via their doctor's digital device. If you've signed up to a health-based portal via a workplace insurance scheme, or through a primary care provider's portal which utilizes Google Fit, you’re one of them.

Do you know your baseline health status and resting heartbeat? Can you track your pulse, and take your own blood pressure? Have you received genetic counseling based on the sequencing of your genome? Do you avoid dairy because it bloats, or because you know you possess the variant that indicates lactose intolerance?

Read moreShow less

Who Will Win the E-scooter Wars in Los Angeles?

Maylin Tu
Maylin Tu is a freelance writer who lives in L.A. She writes about scooters, bikes and micro-mobility. Find her hovering by the cheese at your next local tech mixer.
Who Will Win the E-scooter Wars in Los Angeles?
Evan Xie

Los Angeles — it’s not just beautiful weather, traffic and the Hollywood Walk of Fame — it’s also the largest shared micromobility market in the U.S. with six operators permitted to deploy up to 6,000 vehicles each.

And despite the open market policy, the competition shows no signs of slowing down.

Read moreShow less

March Capital Raises $650 Million Fund to Invest in AI Startups

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

March Capital Raises $650 Million Fund to Invest in AI Startups
March Capital founder Jamie Montgomery. Illustration by Dilara Mundy.

Santa Monica-based venture outfit March Capital announced Feb. 3 that it raised its largest fund to date, a $650 million investment vehicle that will be used to back up to 15 startups focused on delivering new uses of artificial intelligence.

Read moreShow less
https://twitter.com/samsonamore
samsonamore@dot.la
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending