Crypto investment firm Dao5 announced it has raised a $222 million fund to invest in blockchain projects focused on institutional and government adoption. This brings the firm's total assets under management to $550 million.
Founded in 2022, Dao5 has previously invested in projects like Story Protocol, Bittensor, Berachain, and EigenLayer. According to a press release, their initial fund, launched three years ago, has been fully deployed and has returned the majority of commitments to its limited partners.
The new fund will focus on on-chain public infrastructure, stablecoin systems, and state-sovereign AI. Dao5 also plans to convert its fund into a decentralized autonomous organization later this year. George Lambeth, who previously backed projects like Avalanche and Celestia, has joined the firm as General Partner.