Venture firm Ego Death Capital has secured $100 million for its second fund, aimed at scaling software startups building on the Bitcoin protocol . Unlike broader crypto funds chasing token speculation, Ego Death backs startups generating revenue and cash flow, often in BTC itself .
The fund targets companies earning between $1 million and $3 million in revenue, with growth limited more by capital than by market demand . While the fund primarily focuses on Series A rounds, a small portion is reserved for early-stage seed investments showing strong potential . Backers of the fund are mainly family offices already invested in Bitcoin and looking to support the development of its surrounding ecosystem .
Ego Death's recent investments include Roxom, a Bitcoin-native exchange; Relai, a savings app; and Breez, a Lightning network-based payments platform . The firm avoids hardware startups, mining companies, or Bitcoin infrastructure plays, choosing instead to focus strictly on scalable software businesses . Unlike many crypto-focused firms, Ego Death deliberately avoids exposure to tokens . Lechuga believes that building sustainable Bitcoin-native businesses can outperform holding the asset alone, especially when startups generate revenue directly in BTC .
The fund is designed to fill a gap in Series A funding for companies focused on real-world applications of Bitcoin . Founding partner Nico Lechuga told Axios that “We're in Bitcoin, investing in true companies solving real-world problems,” . Ego Death Capital maintains a strict focus on Bitcoin, unlike many venture firms spread across the broader digital asset landscape .
The early commitments signaled robust investor confidence in the firm's vision, which has already led to backing notable startups like Fedi, LN Markets, and more . Ego Death Capital is deliberately steering clear of speculative crypto projects, choosing instead to support companies that derive their business models directly from the Bitcoin protocol . Lechuga believes Bitcoin-based firms offer a better path forward, some are now generating cash flow in BTC, creating opportunities to outperform the underlying asset .