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Tykhe Block Ventures, a USA-based Venture Capital firm, has announced the first close of its Blockchain Growth Fund. The first close was led by a clutch of UHNWIs and Family Offices operating in South-East Asia & Middle East. The firm has also committed that approximately $10 Mn of the fund will be allocated to invest in blockchain & Web3 startups in the Middle East region. Tykhe is also in the process of setting up their Dubai office and aims to launch a $100 Mn fund later this year.

Tykhe Block Ventures was started in 2021 by Prashant Malik, one of the leading investors in SEA (early investor in multiple unicorns like Urbanclap, Shadowfax, OfBusiness, Coinswitch) and widely recognized as the creator of Apache Cassandra – the distributed database used by majority of technology enterprises globally. Prashant built Cassandra when he joined Facebook as one of the earliest employees – that was later open-sourced as Apache Cassandra.

“My passion for the blockchain space started in 2016, as it drew a lot of parallels from Cassandra which is a peer-to-peer masterless database running on a voting mechanism similar to blockchain. In 2021, together with my partners, we launched a pilot blockchain fund which did considerably well. That gave us the belief to launch the $30 Mn Blockchain Growth Fund. Despite the softness in the market, we have seen great interest from investors who believe that blockchain is going to be the next big narrative in the technology space, like how social media was when I started building Facebook.” said Prashant.

As Sponsors, Prashant and other Investment Partners have committed $5 Mn into the fund. The fund managers bring together a combined 30+ years of core blockchain investing experience where they have invested in more than 80+ companies.

“Stellar teams building in blockchain space reach out to us to access not just venture capital, but also relationship capital. Given my experience building Cassandra, I am able to guide them on setting a scalable and secure architecture for DLT (distributed ledger technology).” quoted Prashant. Some of the recent investments done as part of the Blockchain Growth Fund comprise of Trust Machines, Fan Tiger, DWallet Labs (Odsy Network), NFTPerp, Convrse.

The blockchain space has