Circle Aiming to Raise $100 Million in Venture Fund

It acquired SeedInvest in March for an undisclosed amount.

Crypto startup Circle is aiming to raise a $100 million venture capital fund for its freshly acquired equity crowdfunding platform SeedInvest.

The development has been revealed by a job posting on Linkedin by the company in which it advertised for an open position for a general partner.

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According to the job advertisement, the fund will take advantage of the deal flow coming through SeedInvest.

“The Partner will be expected to develop and drive an investment thesis designed to leverage SeedInvest’s sizable deal flow and its unique network of 250,000 investors to maximize returns,” the Linkedin job post stated.

An acquisition to acquire licenses

Circle acquired Seedinvest in March with which it became a fully Securities and Exchange Commission (SEC)-regulated broker-dealer. The deal allowed the crypto company to offer blockchain-based securities, under the oversight of the SEC and the Financial Industry Regulatory Authority (FINRA).

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Founded in 2012, SeedInvest facilitates the equity-crowdfunding service through its platform, which allows retail investors to browse through different businesses and buy stakes depending on their eligibility. The New York-based firm continued to operate separately under Circle’s umbrella.

The job post also detailed that the to-be-appointed general partner should have principal or partner-level with established venture capital, along with a strong connection within the founder community.

In addition, the person will also be responsible for running the day-to-day operations of the fund, including leading fundraising efforts, sourcing investment opportunities, and building out and managing the broader investment team.

Circle is one of the few unicorns in the crypto industry. The company is heavily backed by giants including Goldman Sachs, Pantera Capital, IDG Capital, and Breyer Capital.

Along with its existing $246 million funding, the company is reportedly eyeing to raise another $250 million in a combination of equity and debt.

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