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Kraken Ventures closed its first fund, Kraken Ventures Fund 1, with $65 million of capital raised. 

The company — which is made up of alumni of the crypto exchange Kraken and is an entirely separate entity — said it had raised the fresh funding from "a broad group of global institutional investors." The fund is the latest sign that investor appetite for crypto venture capital plays shows few signs of slowing, even after billions of dollars of capital have already been allocated to the sector so far this year.

Kraken Ventures backs the protocols and players behind Web3, decentralized finance (DeFi), machine learning and artificial intelligence applications, plus consumer crypto firms.

Kraken the exchange is the anchor limited-partner, or lead investor, behind Kraken Ventures.

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The firm has already backed a number of successful crypto firms, including Blockdaemon, Anchorage, Messari, Hashflow, Acala and pStake.

“Our long-term view on investing, and the possibility to leverage Kraken’s experience in building a truly global, scalable platform, definitely contributed to the overwhelming interest we received from investors," said Managing Partner Brandon Gath in a statement. "Our focus now is to put that money to work and help some of the most innovative projects and their exceptionally talented founders accelerate the development of their companies and protocols.”

The Austin, Texas-headquartered firm typically targets investments between $500,000 and $2 million. It also maintains offices in New York and London.

Meanwhile, the firm has been expanding in Europe. The company recently hired Laurens De Poorter, who holds the title of head of Europe. Poorter previously worked for Dawn Capital in London, where she focused on early-stage fintech investments.