Bitcoin is the fastest growing area of startup investment since mid-2012, a venture capitalist at Redpoint has claimed.

In his recent analysis of Mattermark data, Tomasz Tunguz noted that investment in bitcoin companies – closely followed by photo sharing and physical storage startups –  has grown by 151% in the last three years.

Image via Tomas Tunguz

However, Tunguz pointed out that bitcoin startups represent a “minuscule fraction” of the total invested funds – receiving just 0.18% of the total funding in the last year.

VC investment in the banking industry has only grown by 65% since mid-2012, but the sector received a 1.85% share of the total number of dollars invested in the last twelve months.

Redpoint, which has funded 434 companies to date, offers seed, early and growth stage investment to startups.

Tunguz’s assertions follow the publication of CoinDesk’s State of Bitcoin Report (SOB) Q2 2015, which found that total VC investment in the digital currency space was on the rise, noting an increase of 21% to $832m.