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Peter Thiel's Founders Fund takes a stake in the cryptocurrency accelerator Alliance

Peter Thiel's Founders Fund takes a stake in the cryptocurrency accelerator Alliance


Cryptocurrency accelerator Alliance has received an investment from Peter Thiel's venture capital firm, Founders Fund, which manages total assets of more than $12 billion.

Founders Fund has made a “long-term strategic investment” in Alliance, the crypto accelerator said on Wednesday, without disclosing the size of the investment.

This is a “minority stake,” Alliance co-founder Imran Khan told The Block, declining to specify the exact percentage. Khan said the transaction took place last October and details of the partnership were finalized in January.

Although Alliance already listed Founders Fund as an investor on its website about two months ago, Khan added that the news has now been made public.

The Founders Fund-Alliance agreement

As part of its investment, Founders Fund will provide support to Alliance portfolio companies.

“We are investing and collaborating with Alliance DAO because we believe there is a need for crypto-specific accelerators,” Founders Fund partner Joey Krug told The Block. “Our partnership is focused on supporting the Alliance rather than launching our own accelerator, which we believe better aligns with the founders' long-term interests. We will act as a resource for Alliance companies and look forward to investing in promising startups from the Alliance. program,” Krug added.

Krug joined Founders Fund last year after spending nearly six years at crypto venture capital firm Pantera Capital as co-chief investment officer.

Alliance III Fund

The Founders Fund's investment in Alliance comes as the crypto accelerator is in the process of raising its third fund. Earlier this month, The Block reported that Brevan Howard Digital and Galaxy Digital each invested $10 million in the first close of Alliance Fund III, with the fund aiming to raise an additional $80 million by July.

Khan clarified that Founders Fund had not invested in the Alliance funds but had taken a stake in the accelerator.

Besides Founders Fund, venture capital firm Initialized, which is an investor in companies like Coinbase and Talos and with assets under management of over $3 billion, has also held a minority stake in Initialized since 2022, Khan revealed.

Alliance was founded in 2020 and has accelerated 12 cohorts with over 200 startups. The accelerator has supported some large-scale startups, whose cumulative valuation amounts to several billion dollars, it says. Its portfolio includes projects such as Arbitrum, Immutable X, Axie Infinity and Tensor.

Besides Founders Fund, Brevan Howard Digital and Galaxy Digital, other Alliance investors include billionaire Mark Cuban, Jump Capital, Solana Labs co-founder Anatoly Yakovenko and Visa head of crypto Cuy Sheffield.

Disclaimer: The Block is an independent media outlet that distributes news, research and data. Since November 2023, Foresight Ventures has been a majority investor in The Block. Foresight Ventures invests in other companies in the crypto sector. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to provide objective, impactful and current information about the crypto industry. Here is our current financial information.

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




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