Venture capital firm 6th Man Ventures has raised $140 million from its $145 million target for a second crypto fund. The structure is focused on supporting initiatives at an early stage.

Fund partners Galaxy Vision Hill, Three Arrows Capital, Sino Global Capital, FTX Ventures, Animoca Brands and AngelList, as well as Bill Ackman, Mark Andreessen and Chris Dixon of Andreessen Horowitz, Tushar Jain and Kyle Samani of Multicoin Capital, Ben Foreman is . Kevin Colleran and Sam Lessin of ParaFi, Slow Ventures, and Raj Gokal of Solana.

The amount of resources for the selected projects will be between 1 million and 2 million dollars, the priority will be Web 3.0, DAO and infrastructure solutions.

The fund has supported 20 initiatives to date. In addition to financing, 6th Man Ventures advises on marketing, media relations, go-to-market strategy and business development.

According to the founders of the venture capital firm, their investment horizon is ten years, with an average of four years for the industry. 6th Man Ventures has no intention of acquiring project tokens, so teams can focus on product development.

In the initial funding, 6th Man Ventures has raised $7.4 million by investing in more than 100 projects averaging $100,000 each. These include Magic Eden, STEPN, Rainbow Wallet and Etherscan.

Recall that Fasanara Capital will raise $350 million in a fund focused on cryptocurrencies and fintech.

Previously, Dragonfly Capital launched a new $650 million venture capital fund focused on Web 3.0.