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Evan Fisher leaves Insight Ventures to start $30 million crypto fund

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The Block

Tue, Dec 07, 2021

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Evan Fisher has just departed Insight Ventures, where he was their most crypto-focused senior associate.

He has started his own investment fund, called Portal Ventures, aimed at early-stage crypto companies.

Over the last three years as a senior associate at Insight Ventures, Evan Fisher made 15 to 20 investments, cutting checks from as little as $5 million to hundreds of millions of dollars.

“In 2020, I asked the question to the senior partners: What’s our crypto strategy and there was none at the time,” Fisher said in a recent interview with The Block.

Soon, the VC started investing in crypto-focused companies like tax software maker Taxbit, exchange platform FTX and wallet developer ZenGo. Fisher found that crypto deals tended to have more explosive growth and soon found himself focusing all of his time on crypto.

On this basis, Fisher put aside his investment banking pursuits and has now left Insight Ventures to start his own crypto fund, dubbed Portal Ventures.

Fisher says he left due to a realization that a fund’s size dictates its strategy.

Instead I’m focused on crypto business models and understanding what makes durable businesses in crypto,” he says.

Fisher says his role at Insight Ventures was very hands-on and a key thing he enjoys is helping companies to scale.

What’s missing is the company building.” When it comes to investing, he’s open to both equity and tokens, a hallmark of many crypto investments.

Fisher highlights that many traditional venture funds are throwing money at crypto businesses but doing so in the wrong way.

Fisher says that his strategy will be to back the most durable founders and to focus on projects they should create revenue over the long term, those that should ideally be more resilient to a bear market.

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