Marc Andreessen, Craft Ventures Back Crypto Hedge Fund Multicoin

Crypto investment fund Multicoin Capital has announced that investors including Marc Andreessen are taking part in its flagship fund.

When launched in October 2017, the firm announced plans to raise as much as $100 million by the end of the first quarter of 2018. The funding target has now been raised to $250 million, which Multicoin aims to raise by the end of 2018. According to Reuters, the fund has so far amassed $50 million.

"Since launch, there's been a torrent of interest in Multicoin Capital, validating the overwhelming need for professional fund managers that understand the market intimately," said Kyle Samani, Multicoin's co-founder and managing partner.

Other new investors in the fund include Chris Dixon, Compound, Vy Capital, Passport Capital, Adam Zeplain of Mark VC, Ari Paul of Blocktower and Elad Gil of Color Genomics and Twitter, according to statements.

Multicoin Capital has said in the past that it seeks to differentiate itself from traditional fund efforts, stating at the time of its October launch that, while it may resemble a hedge fund, Multicoin is relying on a technology-driven methodology for identifying token prospects.

"We invest in tokens, not companies, and tokens, unlike companies, require new tools to operate at scale," Samani said at the time.

The news comes soon after Civic founder Vinny Lingham joined the fund as a general partner in December of last year.

Coins image via Shutterstock