New Crypto Fund Targets Early Builders: Is This Where The Next Blockchain Unicorn Starts?

Former Chrous One CIO Xavier Meegan launched Frachtis, a $20 million crypto-native pre-seed fund.

The fund is backed by investors including Theta Capital, RockawayX, Chorus One, and Cyber Fund.

Meegan led over 40 investments during his tenure at Chorus One. Now at Frachtis, his focus is on supporting technical crypto-native founders and supporting early-stage decentralized AI, infrastructure, middleware, and consumer applications.

“Frachtis was created to support technical founders who are deeply committed to building exceptional and innovative crypto products,” Meegan said.

Frachtis is structured as a solo general partner fund, supported by an advisory and investment committee. Brian Crain (Founder and CEO, Chorus One), Felix Lutsch (Head of Ecosystem, Symbiotic), Erwin Dassen (Head of Generative AI, Chorus One), and Mel Tsiaprazis (former COO, Bitstamp) are all on the committee.

Meegan believes the crypto market is entering a consumer applications era, where the next wave of winners will come from projects that build real-world applications on existing blockchain infrastructure.

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“Crypto-native products that solve real problems for users will become some of the most capital-efficient businesses in the world,” he said.

Frachtis has already invested in eight early-stage projects, including DeFi middleware project Turtle Club and decentralized AI infrastructure protocols Hyve and Bless.

The fund's strategy focuses on crypto-native teams that leverage decentralized architecture from inception.

The fund's launch reflects growing investor interest in decentralized infrastructure, AI, and consumer-facing crypto applications, as venture capital continues to target the next stage of blockchain adoption.

Xavier Meegan brings both academic and practical expertise to the fund, having authored research papers on DeFi risk and contributed to blockchain research initiatives with Wharton and the World Economic Forum.

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