In a move to catalyze the growth within the Bitcoin ecosystem, Ego Death Capital announces the launch of a new funding round, Fund II, aiming to raise $100 million. Founded in 2021, the venture capital firm, led by Jeff Booth, Andi Pitt, Nico Lechuga, with advisory support from Preston Pysh, Lyn Alden, and Pablo Fernandez, has successfully initiated Fund II with a focus on investing in companies driving Bitcoin's acceleration.
"A parallel system bringing truth, hope, and abundance to our world is growing much faster than people realize and we feel super fortunate to be a part of it," said founding partner Jeff Booth.
Fund I, which raised $25.2 million, demonstrated the foresight of ego death capital in recognizing Bitcoin's emergence not just as a store of value but as a foundational layer for a new peer-to-peer decentralized internet tied to energy. The success of their initial fund was marked by strategic investments in companies like Fedi, Breez, Synota, Relai, and Wolf.
The landscape in 2024 still reveals a gap in Series A funding for Bitcoin-only companies, with venture capital yet to fully grasp the transformative nature of the Bitcoin protocol and its layered development. Fund II seeks to bridge this gap, providing crucial support to Bitcoin-focused entrepreneurs who face the challenge of not only pitching their business metrics but also educating investors about the profound shifts in the Bitcoin space.
"I'm super honored to join ego death capital as a GP. Our core thesis is that Bitcoin is different than everything else," said Preston Pysh. "It's different because at the base, bedrock layer, Bitcoin is optimized for security and decentralization. In order to do that, scalability must be maximized on the 2nd and 3rd layers, etc. IMHO, anyone building on a different protocol at the base layer is building on top of sand. As we look at the companies building the future of finance, we are hyper-focused, on humble, thoughtful, & constructive leaders that bring unlocked efficiencies and value to their customers and constituents."
As the world undergoes a transition from operating on a "dishonest ledger," per the press release, to one built on honesty with Bitcoin, Ego Death Capital's Fund II aims to play a pivotal role in identifying and nurturing enduring businesses that contribute to this transformative shift. The $100 million fund hopes to represents a significant step toward in fostering innovation and value creation within the burgeoning Bitcoin ecosystem.
Those interested in participating in the funding can reach out here.
via bitcoinmagazine.com
