ConsenSys Restructures to Help Raise $200 Million for a New Ethereum Venture Fund
ConsenSys Ventures, the venture arm of ConsenSys originally bankrolled with $50 million by Joseph Lubin, is splitting off from the company’s software development arm as it attempts to raise a new fund.
As highlighted in a recent report by The Block, ConsenSys has reduced its number of employees by around 14% in an effort to consolidate operations.
“Separating the core software business from investment activity means the shape and size of ConsenSys will change,” said ConsenSys in a statement on Tuesday. “As the company reorients, the Solutions (enterprise sales and services) and Marketing groups will directly support the software business and continue to perform complex sales engagements and drive developer and community initiatives. As a result, overall headcount has been reduced by approximately 14%, restructuring teams to be better aligned with the needs of a focused software development company.”
ConsenSys plans to continue to focus on early-stage startups, liquid digital assets and other similar investment opportunities. Additionally, the firm notes that it will be spinning out a number of internally developed startups in the near future.
This news comes a little over half a year after Kavita Gupta, the former managing partner of ConsenSys Ventures, left the firm to pursue a two-year teaching position at Stanford while remaining on as an advisor to the company and a board member at several of the startups ConsenSys has invested in.
More: Ethereum company ConsenSys to divide software and investment businesses, cuts staff by 14% as it aims for $200M raise
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