Polychain Capital Raises $200 Million in Initial Funding Round for Fourth Crypto Venture Fund
- Shams Ul Zoha
- July 19, 2023
- 12:51 pm
WHAT YOU SHOULD KNOW
- Polychain Capital, a prominent cryptocurrency-focused venture capital firm, has reportedly raised around $200 million in the initial funding round for its fourth fund.
- The firm aims to achieve a total funding goal of approximately $400 million, showcasing a continued interest in the crypto industry despite the so-called “crypto winter” period of decreased venture funding.
- Established in 2016 by Olaf Carlson-Wee, the first employee of Coinbase, Polychain Capital has been actively involved in investments in various crypto-related companies, with previous investments in projects like Uniswap and Yellow Card.
Polychain Capital, a prominent venture capital firm in the cryptocurrency sector, has reportedly secured around $200 million in its initial funding round for the fourth fund, aiming for a total of approximately $400 million, according to Fortune. This fundraising effort reflects the firm’s continued interest in the crypto industry, even amidst a period of reduced venture funding known as “crypto winter.” Notably, Polychain Capital has not officially commented on the matter.
Established in 2016 by Olaf Carlson-Wee, the former Coinbase employee, Polychain Capital has been a key player in the crypto venture capital arena. Over the years, it has made notable investments in various companies, including the decentralized exchange Uniswap and the African cryptocurrency exchange Yellow Card. While Pitchbook data suggests that Polychain has raised three funds and managed approximately $2.6 billion in assets, this figure may change due to its liquid token hedge fund.
Despite facing a 40% drop in assets under management (nearly $400 million) during a crypto market downturn in 2019, Polychain Capital outperformed the overall value of cryptocurrencies, which fell by 70% during the same period. Following the successful raising of its third fund between 2022 and 2023, Polychain has reportedly deployed a significant portion of the capital. The Block reported in March 2023 that Polychain aimed to raise $400 million for its fourth fund, but a recent insider’s disclosure to Fortune indicates the target amount may be slightly lower than that figure.
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