According to reports, crypto venture capital firms Polychain Capital and Coinfund have successfully raised over $350 million, with Polychain raising $200 million for a new investment fund and Coinfund raising $152 million for a seed fund.

Polychain Capital’s $200 million was raised in the “first close” of its fourth investment fund, allowing the firm to start providing funding to startups and projects. Despite this significant raise, Polychain still aims to raise a total of $400 million for the new fund. As part of its new investing priorities, the firm has also let go of three members of its research team. Currently, Polychain manages three funds with assets under management totaling around $2.6 billion.

Coinfund, on the other hand, raised $152 million for its fourth seed fund, exceeding its initial target of $125 million due to a renewed interest in the industry. Coinfund CEO Jake Brukhman mentioned that investors have been cautious about new investments in the crypto sector, given the collapses of several high-profile projects.

While venture funding for crypto and Web3 startups has dropped by 76% compared to the previous year, AI remains an exception with significant investments pouring into the sector.

Summary:

Crypto venture capital firms Polychain Capital and Coinfund have raised a total of $350 million for new investment and seed funds, with Polychain raising $200 million and Coinfund raising $152 million. Polychain plans to raise a further $400 million. Coinfund managed to surpass its $125 million target due to increased interest in the industry. Venture funding for crypto startups has reached a new low, while AI remains an exception with significant investments.

FAQs:

1. What is Polychain Capital?

Polychain Capital is a crypto venture capital firm that manages multiple funds and invests in blockchain and cryptocurrency-related startups and projects.

2. What is Coinfund?

Coinfund is a crypto venture capital firm that focuses on investing in cryptocurrency and blockchain startups.

3. How much did Polychain Capital raise?

Polychain Capital raised $200 million for a new investment fund.

4. How much did Coinfund raise?

Coinfund raised $152 million for its fourth seed fund.

5. How much does Polychain Capital manage in assets?

Polychain Capital manages approximately $2.6 billion in assets across its three funds.