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More than $350 million has been raised by crypto venture capital firms Polychain Capital and Coinfund, while $200 million has been reported for a new investment fund and $152 million for a seed fund.
July 18 Forbes reports According to sources familiar with the matter, Polychain’s $200 million was raised in the “first close” of its fourth investment fund. The closing means that Polychain has now signed agreements with investors and can begin issuing funding to startups and projects.
Despite the significant growth, Polychain still intends to raise a total of $400 million for the new fund. Additionally, Polychain let go of three members of its research team due to its new investment priorities.
According to PitchBook, Polychain currently manages a total of three funds with approximately $2.6 billion in assets under management statistics,
VC firm Coinfund has raised $152 million for its fourth seed fund, despite a year of steady declines in VC funding for crypto projects, according to Bloomberg, July 18. reports,
July marks Coinfund’s 8th anniversary, celebrating its journey @jbrukh @flexthought And the team from the kitchen table to the hat table. We are thrilled to solidify this milestone with the announcement that Coinfund has closed its $158M Seed IV fund to support new internet leaders.
pic.twitter.com/6kwBFuIHiy— Coinfund (@coinfund_io) 18 July 2023
Coinfund CEO Jake Brookman said the company had aimed to raise $125 million, but managed to raise an additional $27 million due to a resurgence of interest in the industry.
Connected: US ‘dominated’ crypto startup funding in Q2: report
The total amount of venture funding for crypto and Web3 startups declined by 76% over the previous year. statistics From business analytics firm Crunchbase.
Following the collapse of Do Kwon’s Terra Money Ecosystem, Sam Bankman-Fried’s FTX and several other high-profile projects during the past two years, investors have reportedly become wary of the crypto sector.
This has led to a return to more traditional market sectors and many venture capitalists have become wary of new investment across the board, the only notable exception being artificial intelligence.
As of January 1, AI was observed in the industry excess $12 billion in venture funding as investors race to capitalize on the emerging sector.
Asia Express: China Expands CBDC Net, Malaysia Is Hong Kong’s New Crypto Rival
