Pantera Capital, an investment firm that focuses on blockchain technology projects, is set to hit its target of raising $175 million for its third venture fund. The firm has raised close to $100 million so far according to CNBC.

Documents filed with the U.S. Securities and Exchange Commission (SEC) disclosed that the fund had raised at least $71 million by last week. However, the firm’s executives have stated that the amount is now close to hitting the $100 mark.

The latest investment scheme called Venture Fund III launched for the first time at the end of July (31). The SEC filing indicated that nearly 90 investors had pledged a total of $71.44.

That number has since increased to 140 and features an investment period of ten years. The firm has said that the fund allows investors to get equity in the crypto investment, instead of merely buying into a digital currency.

It is likely Pantera will hit the target, given increased interest and a slumping market. However, that could be subject to the sentiment within the sector.

The Menlo Park-based investment firm raised $13 million during its first funding and $25 million for its second funding.

Pantera’s latest fund has a target that eclipses both of its earlier funds. According to Paul Veradittakit, a partner at the firm, the ambitious target of $175 million is a product of the huge steps made within the industry.

He said there was a lot of interest in the latest project from first-time investors. These investors see the slump in cryptocurrency prices as an opportunity to buy low.

It’s also possible revelations that the firm’s Bitcoin fund gained over 10,000 percent is driving more interest.

And he believes more is yet to come for those interested in such projects.

“With more interesting later-stage investments [on our radar], too, we want to be flexible and able to move with the market.”

The shift in focus from ICOs could also be the reason more investors are coming on board. Veradittakit agrees, stating that momentum was shifting towards other sectors of the blockchain industry.

“We’re seeing a lot more interesting VC deals, and more equity deals this year than ICO deals,” he said.

Pantera published a blog post on Wednesday revealing that the fund had invested in Bakkt for its Venture Fund III.

Bakkt is a crypto trading platform that has the backing of some of the top companies around. These companies include Microsoft, Starbucks, BCG, and Intercontinental Exchange (ICE).

In the blog post, the investment firm states that Bakkt’s eventual success could have a huge impact across the entire Blockchain ecosystem.

Belief is that the exchange will benefit from Pantera and ICE’s extensive experience in the industry and could expedite “commercial use” and lead to “widespread institutional adoption”.

The firm has also said that NYSE-backed Bakkt is only the first among several exciting projects it has identified for its third crypto fund. Other earlier investments by Pantera are in cryptocurrency exchanges like Bitstamp, Shapeshift, and Korbit.