Kleiner Perkins Caufield & Byers, one of the oldest and most storied venture capital firms in Silicon Valley, has named a bitcoin startup founder to the staff of its new seed-stage fund.
Called the Edge Fund, the early-stage operation will provide investments of $250,000 to help selected startups with development, programming and recruiting. Targets for the $4m fund reportedly include a full range of emerging technologies including virtual reality, digital health and the blockchain.
According to The New York Times, the venture is the brainchild of Kleiner Perkins partners Anjney Midha and Mike Abbott. Its staff will include former Google product manager Ruby Lee and Roneil Rumburg, founder of the bitcoin and dogecoin transaction service Backslash.
Abbott further hinted at the strategic selection of the group's participants in conversation with The Wall Street Journal, stating:
“You want people who have backgrounds that are relevant and helpful."
Though the announcement marks the firm's first formal move toward potential investments in bitcoin and blockchain technology, Midha has previously interviewed startups such as OneName and BlockCypher as part of a podcast series on the company's official blog.
Founded in the 1970s, Kleiner Perkins' portfolio includes investments in AOL, Amazon, Google and Intuit.
Rumburg and Kleiner Perkins did not immediately respond to requests for comment.
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