08-07-2025
Exclusive: Ego Death Capital closes $100M fund for bitcoin companies
Ego Death Capital has closed a $100 million second fund to focus on scaling bitcoin-focused companies.
Why it matters: Software companies building out the economy of the world's oldest cryptocurrency are achieving positive cash flow.
What they're saying: "We're in bitcoin, investing in true companies ... that are solving real world problems," Nico Lechuga, one of the founding partners, tells Axios.
Zoom in: Ego Death focuses on software companies building businesses that rely on the bitcoin protocol.
The fund's typical target company has $1 million to $3 million in revenue, and its growth is constrained by its capital on hand.
The fund is focused primarily on Series A rounds to scale companies that are working, with a small portion set aside for promising seed investments.
Behind the scenes: The investors in the second fund are primarily family offices that are invested in bitcoin and are eager to see its economy built out.
Lechuga said the space lacked a lead series A investor, so that's what Ego Death is looking to do.
Catch up quick: The second fund has already made a few investments, including Roxom, a bitcoin-based exchange; Relai, a bitcoin saving tool; and Breez, a payments infrastructure built on the Lightning network.
cash flow in BTC, which helps them outperform the underlying cryptocurrency.
