Reciprocal Ventures Doubles Down On Web3 With Close Of $68.5 Million Second Fund

Early-stage investment firm Reciprocal Ventures further scales into web3 with Fund II

Reciprocal Ventures, a venture capital firm focused on backing the future of web3, has announced the closing of its oversubscribed $70 million second fund. Reciprocal, a seed investor in Solana and The Graph, plans to continue investing in early-stage protocols (tokens) and companies (equity) across decentralized finance, institutional capital markets, the web3 protocol & software stack, and novel web3 applications.

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“This fund not only marks a meaningful opportunity for us as investors, but a special evolution of Reciprocal Ventures as a firm,” said Reciprocal Founder Michael Steinberg. “We founded Reciprocal to be a thesis-driven venture firm supported by a fundamental, technology-centric research process. This methodology was our North Star during the 2018-2020 bear market, helping us identify and fund seed projects like Solana, Blockdaemon, and The Graph, which are now cornerstones of web3.”

“We have been investing in web3 for over five years and believe the space is hitting an inflection point in terms of developer and user traction.” says Craig Burel, Partner, Reciprocal Ventures. “As entrepreneurs ourselves, we operate as an extension of the teams we back, and in many cases are an early customer and design partner. All founders are unique, and we help them find success with a combination of our direct support and access to our network of more than 60 active advisors.”

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Reciprocal Ventures’ Fund II has already invested in over 20 companies, including Blockdaemon, which was recently valued at $3.25 billion. Other portfolio companies include Protego Trust, NFTfi, Squads, Ceramic Network, Jet Protocol, and Flux Protocol. Reciprocal’s LP base includes funds-of-funds, multi and single family offices, notable web3 entrepreneurs, and some of the world’s most reputable investment managers, including Steve Cohen (Founder of Point72), Mark Kingdon (Founder of Kingdon Capital), Stephen Pagliuca (Chairman of Bain Capital), and a co-founder of Apollo Global Management, among others.

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