One such fund, Frachtis, a new $20 million pre-seed fund, has burst onto the crypto venture capital scene. Xavier Meegan, who co-founded it, was previously Chief Investment Officer and Research Lead at Chorus One. The fund has already funded eight projects at the pre-seed and seed stages. This is a big deal especially given the highly competitive market entrance.

Xavier Meegan brings a wealth of experience to Frachtis, having led over 40 investments during his tenure at Chorus One. Additionally, he led Chorus One’s research team, which conducted thorough research into blockchain infrastructure. As Founder and CIO of Frachtis, Meegan is positioning the firm as a technically focused VC, leveraging a team with extensive crypto-native experience in operating and scaling blockchains.

Frachtis’ first fund has already made strategic investments within several of these promising niche projects. These features along with the ones mentioned above have been used by DeFi middleware project Turtle Club, as well as AI infrastructure protocols Hyve and Bless. These first few deployments signal Frachtis’ penchant for investing in cutting-edge, technically robust projects in the crypto ecosystem.

Though he’ll be the solo general partner running the firm, Xavier Meegan will be guided by a committee of industry experts that will help steer Frachtis. Brian Crain, Founder and CEO of Chorus One, committee member. Felix Lutsch is Head of Ecosystem at Symbiotic. Until very recently, he served as Chief Commercial Officer of Chorus One and is now a committee member. Erwin Dassen heads up the Chorus One Generative AI practice. Meanwhile, Mel Tsiaprazis, former COO of Bitstamp and TradeBlock, completes the committee.

The creation of Frachtis also highlights the overwhelming expansion and hyper specialization of the current crypto venture capital market. Frachtis is interested specifically in pre-seed investments. Other than future of technology, we have a team of experts constantly innovating this space and looking to find the best possible innovators next to blockchain.