On May 1, crypto venture capital firm Dao5 announced that it had completed the second phase of fund raising of US$222 million, with the main investors being family offices and high net worth individuals. The institution was founded in 2022 by Tekin Salimi, former Polychain investment partner and corporate lawyer. Its first US$125 million fund has been invested in Berachain, Bittensor and other projects. Currently, the DPI (Return on Paid-in Capital) has doubled. The new fund will focus on institutional application directions such as stablecoins and asset tokenization, and plans to invest in 15-20 early projects. Salimi has participated in investing in major crypto projects such as Avalanche, and its first phase fund LP and angel investor George Lambeth will be promoted to general partner.