US based Tykhe Block Ventures which recently raises $30 million for its Blockchain growth fund is allocating $10 million of that to Blockchain and Web3 start-ups in MENA region.
Tykhe Block Ventures (part of Heru Finance) is a blockchain-centric multi-strategy fund established in Wyoming, USA. The fund invests in ventures within the Web 3.0/ blockchain sector with a focus on decentralization technologies, digital assets, and their key enabling infrastructure. The fund has invested in 25+ blockchain projects including dWalletLabs, Trust Machines, FanTiger, and RMRK.
The fund is led by Prashant Malik, well-regarded in the technology world as the Inventor of Cassandra (Now Apache Cassandra). He is also one of the top angel investors in SEA (50+ investments, 8 unicorns).
As per their LinkedIn post the company states it is thrilled to announce the first close of our $30 Mn Blockchain Growth Fund.
In addition, Tykhe is also in the process of setting up an office in Dubai UAE and plans to launch a $100 million fund later in 2023.
The company was founded in 2021 by tech investor Prashant Malik. Malik believes that the blockchain sector will prove resilient to the fallout from the bankruptcy of crypto exchange FTX, stating that the companies that have imploded of late are all centralised entities and, therefore, not related or correlated to the decentralisation ethos of blockchain technology.
Prashant Malik in a press release published on Cointelegraph MENA Arabic stated, “ In 2021 My partners and I launched a Blockchain Fund which did well, which led us to believe in the importance of funds to grow the Blockchain sector. We launched $30 million fund because investors are interested just like the interest was in social media when it first started.”
Investors in MENA region tend to increase their investments in Blockchain sector as per a recent survey by LaraontheBlock.