Polychain Capital, a leading venture capital firm in the cryptocurrency sector, has successfully raised approximately $200 million in its first funding round for its fourth fund, demonstrating a strong industry interest despite a recent decline in venture funding known as "crypto winter."
The company also announced staff changes, with three research team members being let go due to shifts in investment focus. Although the initial fundraising is encouraging, Polychain intends to raise around $400 million in total for the fourth fund, slightly less than their initial target.
Polychain Capital is a cryptocurrency investment firm that specializes in investing in blockchain technologies and decentralized protocols. Founded in 2016 by Olaf Carlson-Wee, who was Coinbase's first employee, Polychain Capital operates like a traditional venture capital firm but focuses exclusively on cryptocurrencies and related technologies.
Tomiwabold OlajideAccording to Bloomberg, venture capital firm CoinFund has successfully raised $158 million to back early-stage cryptocurrency startups, a sum larger than the originally planned $125 million due to unexpectedly high interest.
Despite industry challenges and a decline in other areas like the NFT market, CoinFund plans to target startups at the intersection of crypto and artificial intelligence, and will continue its focus on token investments.
As reported by U.Today, venture capital funding for cryptocurrency-related businesses has dropped to its lowest level in two years, reaching $2.4 billion in Q1 2023, which is an 80% decrease from the record $12.3 billion during the same period in 2022.
Dan Burgin