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 <p class="is-style-lead">Crypto venture capital firm C1 Fund is eyeing new <a rel="dofollow" title="deals" href="https://thebittimes.com/tag/deals.html">deals</a> in Australia as it looks to expand its presence in the region.</p> 
 <p>C1 Fund, established by Coinbase <a rel="dofollow" title="backers" href="https://thebittimes.com/tag/backers.html">backers</a> 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 report from The Australian Financial Review.</p> 
 <p>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 <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firms with a minimum valuation of $300 million Series C funding round and later.</p> 
 <blockquote class="wp-block-quote"> 
  <p>“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.”</p> 
  <p>C1 Fund’s pitch deck</p> 
 </blockquote> 
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 <p>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 Animoca Brands is one of C1’s targets. Blockchain forensic firm Chainalysis is also said to be on the investment list.</p> 
 <p>Both Animoca Brands and Chainalysis experienced significant declines in their valuations in 2023 due to the broader downturn in the <a rel="dofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market, which caused investors to become more cautious about investing in high-growth technology companies.</p> 
 <p>Animoca Brands reportedly 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, is also said to be trading at a 70% discount.</p> 
 <p>Dr. Najam Kidwai, Co-Founder of C1 Fund, told news media in a commentary that the firm “has not met” with companies “as of this time.”</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/coinbase-backers-crypto-fund-c1-fund-eyes-australian-deals-tbt73273.html">https://thebittimes.com/coinbase-backers-crypto-fund-c1-fund-eyes-australian-deals-tbt73273.html</a></p>

Coinbase backers’ crypto fund C1 Fund eyes Australian deals

TheBitTimes

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