Read

Crypto venture capital firm C1 Fund is eyeing new deals in Australia as it looks to expand its presence in the region. 
C1 Fund, established by <a href="https://crypto.news/tag/coinbase/" target="_blank" rel="noreferrer noopener">Coinbase</a> backers and lawyers, is said to be actively seeking undervalued assets in the Australian market, aiming to capitalize on the recent market downturn, according to a <a href="https://www.afr.com/technology/north-american-crypto-fund-scours-australia-looking-for-bargain-buys-20231119-p5el5m" target="_blank" rel="noreferrer noopener">report</a> from The Australian Financial Review. 
The North America-based investment firm has reportedly reached out to several Australian venture firms, offering to buy private holdings from investors at between 50-80% discount on their last valuation. A pitch deck seen by The Australian Financial Review demonstrated C1 Fund’s interest in backing crypto firms with a minimum valuation of $300 million Series C funding round and later. 
<blockquote class="wp-block-quote"> 
 “Due to current market conditions in the public and private markets, hyperinflation and rising interest rates we believe the digital assets market offers very attractive valuations in the secondary market.” 
 C1 Fund’s pitch deck 
</blockquote> 
 You might also like: <a href="https://crypto.news/november-crypto-vc-funding-soars-to-1-2b-surpassing-yearly-average/"> November crypto VC funding soars to $1.2b, surpassing yearly average </a> 
The report says the investment firm wanted to back companies, writing cheques between $20 million and $50 million. While the whole list of companies under C1 Fund’s radar is unclear, the report says Hong Kong-based web3 firm <a href="https://crypto.news/tag/animoca-brands/" target="_blank" rel="noreferrer noopener">Animoca Brands</a> is one of C1’s targets. Blockchain forensic firm <a href="https://crypto.news/tag/chainalysis/">Chainalysis</a> is also said to be on the investment list. 
Both Animoca Brands and Chainalysis experienced significant declines in their valuations in 2023 due to the broader downturn in the cryptocurrency market, which caused investors to become more cautious about investing in high-growth technology companies. 
Animoca Brands <a href="https://www.theinformation.com/articles/crypto-startup-investors-go-bargain-hunting" target="_blank" rel="noreferrer noopener">reportedly</a> saw its valuation fall by more than 75% from its most recent private valuation. Blockchain analytics firm Chainalysis, which held an $8.6 billion valuation during its Series F funding round in 2022, <a href="https://www.theinformation.com/articles/crypto-startup-investors-go-bargain-hunting" target="_blank" rel="noreferrer noopener">is also said</a> to be trading at a 70% discount. 
Dr. Najam Kidwai, Co-Founder of C1 Fund, <a href="https://www.coindesk.com/business/2023/12/11/crypto-vc-c1-with-coinbase-lineage-eyes-acquisition-in-austalia-report/" target="_blank" rel="noreferrer noopener">told</a> news media in a commentary that the firm “has not met” with companies “as of this time.” 
 Read more: <a href="https://crypto.news/vc-giant-tiger-global-reportedly-cut-stakes-in-opensea-and-nft-collection-bayc/"> VC giant Tiger Global reportedly cut stakes in OpenSea and NFT collection BAYC </a>

Coinbase backers’ crypto fund C1 Fund eyes Australian deals

crypto.news

Other articles published on Dec 11, 2023

Ethereum Remains Stationary Above $2,200 As Buyers Jump Back In

22.8 Million XRP Sell-Off? Major Exchange Transfer Coincides With Price Dip; Is It Time to Panic?

Investors Who Missed the Recent Solana (SOL) Pump Are Buying Retik Finance (RETIK) for Similar Gains

XRP Lawyer & Dogecoin Founder Slam Wikipedia’s Jimmy Wales Over Bitcoin Comment

Skol A Viking Crypto Community

Analytics Company Reveals the Top 3 Most Profitable Whales of the Month: Here Are Their Transacti...

Join our free newsletter for daily crypto updates!