VC Firm With Rockefeller Roots Turns to Crypto Startups

A venture capital firm that sprang from the Rockefeller fortune is setting its sights on cryptocurrency businesses while sticking to its roots: investing in startup equity rather than simply snapping up digital tokens.

While hundreds of new hedge funds have popped up to speculate on Bitcoin and its ilk, Venrock Associates is taking “a more disciplined approach,” said David Pakman, a partner at the New York-based firm.

Venrock was started with 1969 as a venture-capital arm of the Rockefellers, and the family remains a limited partner. The firm has made lucrative bets on other young enterprises: It led Apple Inc.’s first venture round and invested in Intel Corp. before the chipmaker got big. The company’s latest fund is $450 million, and crypto is one of its big wagers.

“I think this is one of the most transformative tech ecosystems and has the possibility of creating hundreds of companies worth billions of dollars each,” Pakman said.

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