VC Firm NFX Adds $62.61M in Fund II for Follow-on Investments

NFX, a venture capital firm with over $1 billion in total capital commitments, has added $62.61 million to its second fund for follow-on investments. They include crypto portfolio companies such as fiat on-ramp startup Ramp, code collaboration network Radicle and minimalist blockchain Celestia.

NFX's Fund II launched in 2019 with $275 million committed for investments across all sectors. Its $450 million Fund III debuted in last October to back pre-seed and seed stage companies.

An amended regulatory filing on July 11 showed the company had increased Fund II to $337.61 million. NFX confirmed that the additional funds were for follow-on investments in high-conviction companies in the fund's portfolio.

"We have a strong pipeline of crypto and non-crypto companies in Fund II that are opportunistically planning to raise small rounds to further extend their runway," NFX general partner Morgan Beller told CoinDesk in an email. "We raised this extra funding to continue backing them during this uncertain market."