Grayscore Investing has raised $2 million in an initial round of funding led by venture capital firm Andreessen Horowitz, and it has also secured funding from an existing backer, venture capital company AngelList.
The company says that it has been “focusing on other potential investment opportunities” since the Lincoln fund was announced.
It said in a statement:”While we have already made significant progress in our growth strategy, we have been unable to close in on the next major opportunity, as we believe we are currently at a stage where we need to be investing in new opportunities that may not be ready for a broader public or private market.”
Grayscale says it has already raised $1.2 million from investors.
The company has raised at least $2.6 million in funding from a number of sources, including Andreessen, Sequoia Capital, Benchmark Capital, and others.
But, it says, “the company’s long-term strategy will be to fund new growth opportunities”.
Grayscore is currently focused on a $10 billion fund, called The Grayser Group.
The fund is a long-range, long-duration, and very aggressive long-to-short investment portfolio that includes some of the biggest names in the technology industry.
The group was founded by former Microsoft co-founder Paul Allen and includes some Silicon Valley giants like Andreessen and Sequoias founder Peter Thiel.
In January, the company also announced that it was funding a $1 billion fund to build an artificial intelligence startup called Machine Intelligence Research Institute.