Xavier Meegan, former Chief Investment Officer at staking provider Chorus One, has unveiled a $20 million crypto-native pre-seed fund named Frachtis.
The fund is backed by a mix of institutional and crypto-native investors, including Theta Capital, RockawayX, Cyber Fund, and Chorus One.
Frachtis aims to support early-stage technical founders building within decentralized infrastructure, AI systems, middleware solutions, and crypto-enabled consumer applications.
Operating as a solo general partner, Meegan brings previous experience leading over 40 blockchain-related investments and managing Chorus One’s research division.
His new fund intends to take a hands-on approach by combining technical understanding of blockchain networks with operational insight into scaling projects.
Frachtis' structure also includes an investment committee composed of prominent figures in the crypto space, such as Brian Crain (Chorus One CEO), Felix Lutsch (Symbiotic), Erwin Dassen (Chorus One’s Head of Generative AI), and Mel Tsiaprazis (former COO at Bitstamp and TradeBlock).
Targeting infrastructure, AI, and consumer-facing crypto solutions
Frachtis is positioning itself within a specific segment of the crypto venture ecosystem, one focused on deeply technical builders rather than broad market speculation.
According to Meegan, the fund’s thesis revolves around investing in founders who are developing core technologies or applications designed to enhance existing blockchain infrastructure or address emerging use cases.
The fund has already deployed capital across eight projects at the pre-seed and seed stages. Notable among these are Turtle Club, a DeFi middleware platform, and two AI infrastructure protocols: Hyve and Bless.
Each investment aligns with Frachtis' focus on providing strategic guidance in the areas of decentralization and blockchain tooling, especially for projects requiring technical depth from the start.
Meegan argues that the current market cycle has created a shift toward usable crypto products, particularly in the consumer space.
As blockchain technology matures, he believes that builders capable of integrating existing infrastructure into efficient, scalable applications will define the next wave of industry growth. With Frachtis, Meegan intends to identify and support such founders globally.
