Race Capital gets $150 million for its second fund
Race Capital, an early-stage investor with stakes in FTX and Lightning Labs, has raised $150 million for its second fund hard-capped at $250 million, sources with knowledge of the matter tell Axios.
Why it matters: This is roughly double the size of the firm's debut, $81-million fund.
Background: Race Capital makes pre-seed to Series A investments in infrastructure startups, which has led to term sheets in industries from fintech to software.
- Founded in 2019, other investments include data lakehouse business Databricks (valued at $38 billion via private fundraising), crypto custody business Polysign (which recently raised $53 million at an undisclosed valuation), and the Solana protocol.
Details: The fund has an additional $30 million verbally committed.
- LPs include Sequoia Capital ecosystem fund, Greylock, Marc Andreessen, as well as the University of San Francisco, per the sources.
The bottom line: Race Capital isn't exclusively a crypto investor. But its bets in the space have driven its fund to new heights.