Blockchain VC Fund Tioga Capital Oversubscribed With A Final Close At $70M

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Institutional investors are increasingly leveraging resources for blockchain innovation, VC fund Tioga Capital suggests, after its specialised fund closed at $70m.

According to a Tioga Capital press statement, the Luxembourg-based blockchain fund quadrupled assets under management since its first close earlier in 2021, thanks to significant investments from sovereign wealth funds and Europe’s largest endowment to date, from KU Leuven, a university in Belgium.

Tioga Capital CIO Nicolas Priem said that the endorsements were a “confirmation that that the industry is moving up the adoption curve and unlocking value for a broader user base that now also includes institutions.”

The fund has made over 10 investments, including several notable blockchain companies like Luxembourg crypto compliance specialist Scorechain, bitcoin self-custody startup Casa, blockchain NFT infrastructure startup Venly, privacy protocol service provider Nym, JellyFi and Exclusible.

“What makes Web3 so special is that this permissionless nature makes it highly interoperable and hence attractive for other developers […]”

Michiel Lescrauwaet

Funding Europe’s Most Exceptional Web3 Entrepreneurs

Tioga Capital focuses on startups that contribute to blockchain infrastructure as well as on open finance.

Blockchain technology is at the heart of the digital transformation of a number of business activities, thanks to its ability to enable distributed, encrypted and secure logging of digital transactions. And it is considered core to unlocking the next generation of the Internet, Web3.

“What makes Web3 so special is that this permissionless nature makes it highly interoperable and hence attractive for other developers to build on top of each other’s protocols. This is in stark contrast to Web2 big tech companies where most of the APIs and data sources are not available to outsiders. While this seems like a trivial difference at first glance, the impact of the increased innovation is not to be underestimated, as all of a sudden a thousand flowers can blossom”, says Tioga Capital managing director Michiel Lescrauwaet.

Established in Luxembourg in December 2020, Tioga Capital is backed by family offices, tech leaders, Belgian sovereign wealth funds (SRIW, SRIB and PMV) and KU Leuven.

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