Frachtis, a new $20 million pre-seed fund, was launched by Xavier Meegan, a former Chief Investment Officer and Research Lead at top staking provider Chorus One. It is backed by institutional investors such as Theta Capital, along with crypto-native backers including RockawayX, Chorus One, and Cyber Fund.
The fund will focus on supporting technical crypto-native founders building decentralised AI, middleware, infrastructure, and consumer applications.
Xavier Meegan said Frachtis has positioned itself uniquely in the crypto venture capital market, as it is a technically focused VC with a team who have crypto-native experience operating and growing blockchains:
Frachtis was created to support technical founders who are deeply committed to building exceptional and innovative crypto products. Our edge is in seeing what’s coming next, because we deeply understand blockchain infrastructure and have helped scale real products before.
During Meegan’s time at Chorus One, he led over 40 investments and managed its research team that analysed blockchain infrastructure. At that time, VCs were Chorus One’s primary customers.
Although Xavier Meegan is leading Frachtis as a solo general partner, he isn’t navigating the journey alone. The fund is supported by an advisory and investment committee, assembled to help evaluate deals and provide strategic guidance to portfolio teams.
Among the committee members are Brian Crain, Founder and CEO of Chorus One; Felix Lutsch, Head of Ecosystem at Symbiotic and former Chief Commercial Officer at Chorus One; Erwin Dassen, Head of Generative AI at Chorus One; and Mel Tsiaprazis, former COO of Bitstamp and TradeBlock.
Meegan shared:
We are in the consumer apps era. The next big winners in crypto will be applications that leverage the infrastructure we already have. Crypto-native products that solve real problems for users will become some of the most capital-efficient businesses in the world.
The first Frachtis fund has already backed eight projects at pre-seed and seed stages, including DeFi middleware project Turtle Club, and AI infrastructure protocols Hyve and Bless, among others.
Lead image: Xavier Meegan, Founder and CIO of Frachtis | Photo: Uncredited
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