Breed VC raises $15M for second early-stage crypto fund

Breed VC has closed its second fund at $15M, a modest but telling raise that underscores continued appetite for early-stage crypto bets even as the broader venture landscape remains selective. The firm, founded by Jed Breed in 2022, drew commitments from a roster of crypto-native backers including FalconX, Nic Carter, Rob Hadick, and Jake Brukhman.

For context, Fund I closed at roughly $20M in early 2023, meaning the sophomore vehicle came in slightly smaller.

Who’s behind the check

FalconX is a digital asset prime broker that has quietly built out its own venture presence. Nic Carter, a founding partner at Castle Island Ventures and vocal Bitcoin advocate, is a returning backer from Fund I. Rob Hadick is a general partner at Dragonfly, and Jake Brukhman runs CoinFund, one of the more established crypto-focused investment firms.

Other participants in Breed VC’s orbit have included executives from Tribe Capital and Coinbase, though it’s unclear whether those names appeared on the Fund II cap table specifically.

SEC filings from November 2025 showed a first close of $13.58M from 51 limited partners, suggesting the final stretch to $15M involved a handful of additional commitments. Fifty-one LPs for a $15M fund means an average check size around $290K, pointing to a base of individual allocators and smaller institutions rather than massive endowments.

The Breed VC playbook

Jed Breed’s background gives the firm a specific edge in crypto infrastructure. Before launching the fund, he served as head of digital assets at Circle, where he played a role in the creation of USDC, the second-largest stablecoin by market cap. He also spent time at Accomplice VC, a Boston-based firm with deep roots in early-stage technology investing.

Breed VC focuses on pre-seed and seed investments across crypto infrastructure, decentralized finance, and real-world assets. The firm has made between 30 and 52 tracked deals across both funds, with recent deployments including an investment in M1X Global, an infrastructure-focused project.

The firm operates out of Miami, though its roots trace back to the Boston venture scene.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.