PANews reported on May 1 that according to Fortune, crypto venture capital firm dao5 announced the completion of the fundraising of $222 million for the second phase of the fund, with the main investors being family offices and high-net-worth individuals. The institution was founded in 2022 by former Polychain investment partner and corporate lawyer Tekin Salimi. Its first phase of $125 million has been invested in projects such as Berachain and Bittensor, and its current DPI (return on paid-in capital) has reached 1 times. The new fund will focus on institutional applications such as stablecoins and asset tokenization, and plans to invest in 15-20 early projects. Salimi has participated in major crypto project investments such as Avalanche, and its first fund LP and angel investor George Lambeth will be promoted to general partner.