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At the moment a bear market does not seem feasible. However, this does not prevent David Johnston, a pioneer of the Blockchain from thinking otherwise. Johnston revealed to Coindesk that he has launched a Yeoman growth fund and plans to raise up to $ 200 million. This sum is intended to be made available to projects with working software, but requiring assistance to reach users.
Johnston, in an interview with Coindesk, said:
"We sincerely believe that this is the perfect time to launch a company with a growing capital that can take all these great technologies built in recent years and help them to bring them into the company and mass adoption by consumers, "
The capital of Yeoman, Johnston's personal family office has pledged an undisclosed sum in the fund's capital. The fund is now bringing the co-investors with different announcements of general and limited partners.
Henry Liu, who worked as a growth strategy in Facebook, joined Yeoman & # 39; s Capital at the start of the year as Chief Investment Officer. He said:
"It's a good time to launch it because we are focused on growth and adoption and under these market conditions people see the pressing need for traction – something we have been preaching over the past two years.S, "
The status of the crypto industry
At the moment the encrypted winter is shabby. Managers who have built investment funds focused on maximum indices or withdrawal token have experienced a fall in equity values. The numbers reach 70-80 percent. A large part of these funds may soon close.
Incubation study Blockchain Consensys stressed the state of affairs and had to resize and refocus on projects that have more opportunities to finance themselves.
The initial fund raising target was higher, but Yeoman followed the shrinking market and raised it to $ 200 million. Liu said,
"The cap will be reevaluated next year once institutional players such as endowment funds will enter the market, with a check average of $ 25 million to $ 40 million".
The goal of YGC
YGC is concentrating on rolling up its sleeves and offering long-term marketing assistance, entering businesses and driving sales.
"I think about what we are doing at YGC as very similar to private equity or traditional growth capital, "said Johnston." Our focus is on projects that are already live, already have a mainnet, have software and have products . What they need help with growth and adoption".
Obviously Johnston is no stranger to the challenges faced by industry. He co-founded BitAngels, an important cryptographic investment in 2013. He was also a member of the Omni Protocol Foundation's board of directors.
He started investing his capital in cryptographic projects two years ago. He has completed decentralization of his activities and even pays his staff in the crypt. Johnston's goal is to fill the gap between private equity and venture capital while working with the protocol founders. He said:
"We have not yet seen the TPGs or KKRs of the world move into this space. But there is a huge need for this work of adoption and growth in the real world – and so we are ready to jump into that gap and help grow these companies and protocols for the next few years."
The fund will employ new creative techniques to help push projects into revenue generation. It will do so by exploiting the portfolio of FO companies. It can also include their assembly with other non-Blockchain and Blockchain partners to design new customized growth routes.
