Former Polychain Capital partner creates $125M crypto venture fund

A former partner at the investment firm Polychain Capital is creating a new crypto fund with plans to convert it into a founder-owned DAO by 2025.

Takin Salimi, a VC investor, has launched a $125 million fund that seeks to invest in seed and pre-seed stage crypto-related companies and projects. Titled “dao5,” the fund will focus on the areas of blockchain technology, Decentralized Finance, NFTs, Gaming, DAO, and more.

After all the funds are completely invested in the ecosystem, Salimi will convert the investment vehicle into a decentralized autonomous organization, and mint and issue DAO5 tokens to the investment team, advisory board, and portfolio company founders. Till then, the fund plans to invest somewhere between $500,000 and $2 million in selected startups.

“The goal of dao5 is to explore a new model to bootstrapping a DAO. By focusing first on talent and capital acquisition through venture investing, and second on growing the treasury value through leveraging the collective talent of the dao5 community,” Salimi told Forbes in an interview.

Per several reports, the founders of the projects that would receive funding from dao5 will also receive a portion of governance tokens in the future DAO. With this move, the fund aims to generate an economic value for projects’ founders, along with encouraging collaboration amongst each other

The dao5 advisory board members will include Emin Gün Sirer, founder of the Avalanche protocol, Do Kwon, founder of the Luna protocol, Ben Fisch, a professor of computer science at Yale University, and Ivan Soto-Wright, founder of Moonpay, Salimi revealed to media outlet Decrypt.

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