Lubin, ConsenSys Vets Raising $75M Venture Fund, Documents Show

Ethereal Ventures, the latest blockchain fund to emerge from Joseph Lubin’s extended ConsenSys family, is seeking to raise $75 million, according to regulatory documents.

Launched without fanfare earlier this year, Ethereal counts Lubin and Min Teo, a partner at ConsenSys’ VC wing, as directors. It was not immediately clear whether Ethereal is the first fund of a full-on spinoff. “Ethereal Ventures Fund I L.P.” had not reported any sales as of Tuesday.

Even so, Ethereal Ventures is already seeding investments in early-stage crypto companies. In late April it joined a $28 million round backing Aleo, a decentralized application developer platform. Aleo described Ethereal as “a new venture fund established by Joseph Lubin” at the time. Project leads did not immediately return requests for comment.

Read more: A16z Leads $28M Funding Round for Data Privacy Platform Aleo

Teo, who has worked at ConsenSys since 2018, would not comment on the fund or its investments, citing securities law. She did say Ethereal is not being managed by ConsenSys Software or ConsenSys Mesh, however. Ethereal shares a name with an event series recently gifted to the ConsenSys-backed media outfit Decrypt.

The Ethereum conglomerate, based in Brooklyn, N.Y., announced a $65 million funding round in April with backing from JPMorgan, Mastercard and a bevy of crypto natives.