The US-based Tykhe Block Ventures, recently funded with a $30 million growth fund for blockchain projects, have allocated $10 million of that to startups in the Middle East and North Africa (MENA) region. This organization works under Heru Finance as a multifaceted asset that primarily invests in Web 3.0/Blockchain decentralization technology, such as digital assets and their essential mechanisms. To date, they have already put resources towards 25+ blockchain ventures, including dWalletLabs, Trust Machines, FanTiger, and RMRK—making them one of the most prolific investors in MENA blockchain endeavors so far.
Prashant Malik, the esteemed inventor of Apache Cassandra and one of South East Asia’s most successful angel investors with over 50 investments (eight having become unicorns), led this $30 million Blockchain Growth Fund. According to their latest LinkedIn post, the company is delighted at achieving its first close for this fund.
Tykhe is establishing an office in Dubai, UAE, and preparing to launch a $100 million fund near the end of 2023. Established by tech investor Prashant Malik at the beginning of 2021, Tykhe has weathered any repercussions from FTX’s bankruptcy because most centralized entities associated with it have not been linked to blockchain technology’s decentralization ethos, as Malik believes.
While sharing his insights in a press release, Prashant Malik emphasized the significance of funds to nurture the blockchain sector. To tap into this potential opportunity and investor fascination akin to social media’s early days, he and his partners established a $30 million fund in 2021 that has already seen immense success.
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