Polychain Capital has successfully secured nearly $200 million in the first round of funding for its fourth cryptocurrency venture capital fund.
A person familiar with the matter said Polychain intends to reach the fund’s total funding goal of $400 million.
Significant fundraising track record
Founded in 2016 by Coinbase’s first employee, Olaf Carlson-Wee, Polychain Capital is a VC firm focused on blockchain investments.
The company’s projected $400 million target is said to match the amount it filed with the U.S. Securities and Exchange Commission in April for its Polychain Ventures IV (Parallel) LP fund. luck.
Despite a significant funding track record, Polychain Capital has undergone personnel changes, resulting in the departure of three members from the research team due to a change in investment focus.
The company has led funding for various companies, including decentralized exchange Uniswap and African cryptocurrency exchange Yellow Card.The former raised in a Series B funding round $165 millionin the latter, $40 million in the latter.
Most recently, Polychain joined the Series A. Fleek funding roundthe web3 developer platform, in December 2022.
Getting through the crypto winter
Funding available to cryptocurrency startups is steadily declining against a backdrop of regulatory uncertainty and growing concerns over economic instability. Venture capital flows into the industry have declined significantly for five consecutive quarters since Q1 2022, with a global total of $2.34 billion.
This number comes from a crypto database platform route dataaccumulated through 382 deals in the second quarter. However, it stands in stark contrast to his $12.14 billion industry peak, which he achieved in the first quarter of 2022.