According to The Block, crypto venture capital firm Escape Velocity has raised $25 million for its first crypto fund, and the total amount of funds raised may reach the upper limit of $30 million before the fund is officially closed in the next few weeks. Investors include the founders of well-known venture capital institutions such as Castle Island Ventures, a16z and Framework Ventures, and senior partners of Apollo Global Management.

The new fund seeks to invest in early-stage projects, with investment sizes ranging from $250,000 to $1 million, with funds to be deployed over three years. About a third of the cash will be used for follow-on investments. The fund has already made five investments, including XNET and Andrena.

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