1kx raised $75 million in its latest funding round.

1kx raised $75 million and recently investors are embracing the cryptocurrency industry once again.

The investment firm completed the first closing of its new oversubscribed closed-end fund on Thursday, a company statement said. Marc Andreessen and Chris Dixon of Marc, as well as Accolade Partners and Galaxy Digital, also participated in the round.

The company said the closing brings 1kx to $275 million across its two funds since the cryptocurrency bear market began about two years ago. The latest funding will be allocated to providing technical support, financial resources and infrastructure support to early-stage companies and token networks. The goal of this support is to help these organizations attract new users and serve their communities.

This latest fundraising event signals renewed investor interest in the digital asset industry after nearly two years of belt-tightening from venture capitalists and other investors during the cryptocurrency bear market. The value of VC investments increased 2.5% in the third and fourth quarters of 2023, according to data from PitchBook.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.