Escape Velocity depin venture fund bets on decentralized physical infrastructure despite market gloom

As crypto markets stall in early 2026, one depin venture fund is quietly scaling up its war chest to back real-world infrastructure plays in the sector.

Escape Velocity raises $61.74 million for second crypto infrastructure fund

While Bitcoin treads water to start 2026, sentiment toward decentralized physical infrastructure, or DePIN, has deteriorated even further. Tokens tied to physical networks, such as Helium and Hivemapper, are trading near all-time lows. However, emerging manager Escape Velocity is doubling down, having raised $61.74 million for a second fund focused on DePIN and broader crypto.

The new vehicle closed in December, attracting a roster of marquee backers. Notably, Marc Andreessen joined the round, alongside fintech heavyweight Micky Malka of Ribbit Capital. Moreover, fund-of-funds player Cendana committed $15 million, the largest check in the fund, according to cofounder Mahesh Ramakrishnan.

“I think the nature of crypto and doing extremely-out-there investing is that there will be cycles of feeling extremely bearish and cycles of feeling extremely bullish,” Ramakrishnan said, reaffirming his conviction in decentralized physical infrastructure networks. That said, he acknowledged that the current market phase is testing investor patience.

DePIN thesis: real-world networks, crypto-native incentives

Crypto’s core proposition has long been decentralization. Builders have created financial rails, currencies, and assets beyond the control of any single party. However, DePIN founders are extending that idea from the digital realm into physical networks, designing peer-to-peer services for Wi