Tim Draper backs crypto-focused asset manager OSD in seed round
“The Old Street Digital team is well-positioned to provide access to a range of research-backed, crypto-based investment funds, and we at Draper Associates are excited to support them.”
Old Street Digital (OSD) has closed a $2.8m seed funding round led by Draper Associates, with participation from Plassa Capital and prominent venture capital and angel investors across Europe, Asia, and the US.
Draper Associates is run by Tim Draper, the prominent venture capitalist and early investor in big tech names such as Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring, Twitter, DocuSign, Coinbase, Robinhood, Ancestry.com, Twitch.
Tim Draper became associated with Bitcoin in July 2014, when he acquired seized Bitcoins from the Silk Road website at a US Marshals Service auction of seized bitcoins from the Silk Road website.
The new startup, OSD, is building an institutional asset manager bringing the best of active, fundamental research-driven portfolio management to crypto. Old Street Digital’s first fund launches this quarter and the firm expects to open another in Q4.
OSD to offer actively-managed crypto funds
Paul Ridley, Chief Executive Officer of Old Street Digital said: “There is enormous opportunity for institutional investors in digital assets but they need a credible product offering from experienced professionals they can trust. We’re building a crypto asset manager to fill this gap with a range of actively-managed funds in an accessible fund structure.”
Nic Basson, Chief Operations Officer at OSD, commented: “In any new and complex asset class, top-tier technology, security and systems are key. Delivering crypto asset exposure in a familiar fund structure is not without its challenges but the platform we are building offers an institutional-grade option for professional investors.”
Tim Draper, Founding Partner, Draper Associates, stated: “Old Street Digital’s unique approach applies traditional fund-management expertise to the world of crypto. The Old Street Digital team is well-positioned to provide access to a range of research-backed, crypto-based investment funds, and we at Draper Associates are excited to support them.”
Gary Clarke to lead OSD’s crypto fund management
Old Street Digital will have chief investment officer Gary Clarke at the helm of portfolio management. The renowned asset manager has 27 years of experience and previously held senior roles at leading fund managers including Head of Global Equities at Blackrock, where he oversaw USD $31 billion in client assets, Head of European Equities at Schroders and Head of Thematic Investing at J.P. Morgan Asset Management.
Gary Clarke, Chief Investment Officer at OSD, added: “It’s humbling to be supported by investors who understand institutional fund management at the highest level and are backing us to deliver in crypto. Over the last 27 years I have managed money for many of the largest and most demanding institutional clients in the world. We intend to bring those lessons and disciplines, and align them with new technology and talent,” remarked Clarke.