Escape Velocity raises $62M for DePIN bets

Crypto-focused venture capital firm Escape Velocity has raised nearly $62 million to invest in decentralised physical infrastructure network projects, signalling selective investor appetite for infrastructure-heavy crypto bets.

The fund, Escape Velocity’s second focused on DePIN and other crypto-native sectors, closed in December and attracted backing from Marc Andreessen of Andreessen Horowitz and Ribbit Capital founder Micky Malka.

“A lot of what you’ve seen in the last three years are DePIN projects that have launched tokens before they have anything,”

Said Escape Velocity co-founder, Mahesh Ramakrishnan, adding that many launches were driven by hype rather than deployed infrastructure.

Cendana Capital committed $15 million to the fund, reflecting continued interest from fund-of-funds investors despite a broader slowdown in crypto and technology venture funding.

Research from Messari shows DePIN networks now have a combined market capitalisation of about $10 billion and generated an estimated $72 million in onchain revenue in 2025.

Messari noted that while many DePIN tokens remain down more than 90% from their peaks, revenue-generating networks have continued operating through the downturn.

Analysts say adoption is increasingly emerging in markets such as the United Arab Emirates and Singapore, where clearer regulation and infrastructure demand offer faster paths to deployment than traditional Silicon Valley ecosystems.