But Chu points to firms like Apollo Global Management (full disclosure: the owner of journalist’s parent company), Ares Management and Blackstone, all of which have developed large private credit operations, as supporting evidence that private credit has its merits.
It has 63 members, including crypto venture capital firms like Multicoin Capital, Delphi Digital and Dragonfly Capital, as well as family offices, traditional VCs and corporations.
The $1 billion vehicle, Venom Ventures Fund (VVF), is a blockchain-agnostic fund that will invest in pre-seed to Series A rounds for web3 protocols and decentralized applications (dApps) that focus on trends like payments, asset management, DeFi, banking services and GameFi. The fund leadership team includes Peter Knez, ex-CIO of BlackRock and former global CIO for fixed income at Barclays Global Investors, and Mustafa Kheriba, a board member for multiple family offices and long-term investment professional in the Middle East and North African regions. Venom Foundation, a layer-1 blockchain licensed and regulated by the Abu Dhabi Global Market, and investment manager Iceberg Capital have partnered to launch a $1 billion venture fund, the two firms announced on Wednesday. In general, the VVF team has experience growing both web3 funds and traditional funds as well as experience in providing growth capital for both startups and scaleups.
Mark Mullen, co-founder of Bonfire Ventures, the firm that invested in Brightflow’s seed stage, said the company’s initial customers were e-commerce, which made it easier to understand the pain points. However, Brightflow founder and CEO Robbie Bhathal told journalist that the company differentiates itself by focusing on the automation of financial services and disseminating that information in a way that a business owner can understand. The San Francisco–based company cash flow calculator grabs financial data from platforms like Shopify, Amazon, QuickBooks, Facebook and Google Ads, and then provides a real-time look at cash flow. Brightflow AI is injecting technology into this problem with its forecast and analysis tools so that small businesses can assess their cash flow and make data-driven decisions in real time.