The encryption venture capital firm dao5 has completed a $222 million second phase fund raising.

According to Foresight News, Fortune reports that the crypto venture capital firm dao5 has announced the completion of a $222 million second-phase fundraising, with major investors being family offices and high-net-worth individuals. The firm was founded in 2022 by former Polychain investment partner and corporate lawyer Tekin Salimi, and its first-phase $125 million fund has been fully allocated to projects such as Berachain and Bittensor, with the DPI (Distributions to Paid-In) already reaching 1x. The new fund will focus on institutional applications such as stablecoins and asset tokenization, planning to invest in 15-20 early-stage projects. Salimi has participated in investments in major crypto projects like Avalanche, and the first-phase fund's LP, angel investor George Lambeth, will be promoted to general partner.