Archetype raises over $100 million for latest crypto venture fund

Early-stage crypto venture firm Archetype said on Tuesday it has over $100 million in "total capital commitments" for its third fund.

The firm said capital from the fund, dubbed "Archetype III," has already been deployed across some yet-to-be announced investments, according to a statement. Previously, Archetype has invested in blockchain firms like Privy, Monad, Hut 8, Farcaster, Ritual, and Relay.

"Blockchains are becoming the commerce rails of the world, and crypto’s ChatGPT moment is set to emerge atop uniquely performant onchain infrastructure and a powerful new class of creator tooling," said Archetype founder and General Partner Ash Egan. "The close of Archetype III reflects our investors’ persistent conviction in our team as stewards of capital."

Investors in this most recent fund include institutional investors, pensions, academic endowments, sovereign wealth funds, and family offices, Archetype said.

Archetype launched in 2021 to support early-stage blockchain companies. The firm said it is interested in investing in "onchain social networks, stablecoins, payments, crypto AI, the modular protocol stack, decentralized physical infrastructure networks (DePIN), and mobile apps built on crypto rails."

Over $11 billion has been invested in digital asset firms so far this year, according to The Block data. The biggest story of the year in terms of funding, however, has been across the digital asset treasury (DAT) boom, with firms raising over $20 billion.

Earlier this year, Archetype invested in the Ethereum DAT known as The Ether Machine.

"I've seen Ash bring exceptional insight and conviction to his practice since we both worked at Consensys in 2018, and I'm thrilled to continue supporting him as a third time LP in Archetype III," The Ether Machine co-founder and chairman Andrew Keys said Tuesday.