Concentric Launches Bitcoin Focused VC Fund

Concentric, a London, UK- and Copenhagen, Denmark based pan-European venture capital firm, has launched Timechain, a fund dedicated to equity investments in early-stage companies building on bitcoin.

The fund is over 60% of the way to its $21m first close target. 

Timechain will focus on pre-seed and seed investments of between $100k and $1m in companies building infrastructure solutions for bitcoin – the asset and the monetary protocol – including the lightning network, mining and energy and decentralized finance on bitcoin.

The fund will be led by Alexander Mann, Partner at Concentric, who has a track record of investing in startups in Europe and beyond, including BVNK and Superscript. 
 
Timechain has already made six investments: 

• A stake of $750,000 in Unmapped Digital Mining, an 100% off grid, renewable bitcoin miner
• A $100,000 stake in Bolt.Observer, which is building essential tooling for companies running lightning network nodes
• Fedi, a privacy and scaling solution looking to bring billions of people in the global south onto the bitcoin standard
• Galoy, open-source bitcoin infrastructure for nation state and corporate adoption of the bitcoin standard
• Noah, a bitcoin first neo-bank focused on emerging markets where individuals are most at need of an independent, censorship resistant money
• A further investment to be announced  

FinSMEs

31/10/2022