Polychain Capital has secured nearly $200 million in the first round of funding for its fourth crypto venture capital fund.
A source familiar with the matter revealed that Polychain intends to reach a total fundraising goal of $400 million for the fund.
Great fundraising achievement
Founded in 2016 by Olaf Carlsson Wei, the first employee of Coinbase, Polychain Capital is a venture capital firm focused on blockchain investments.
The company’s expected $400 million target reportedly matches the amount set out in its April filing with the SEC for Polychain Ventures IV (Parallel) LP fund, according to a filing. luck.
Despite significant fundraising successes, Polychain Capital has undergone staff changes, resulting in the departure of three members of its research team due to a shift in investment focus.
The company has taken the lead in financing a variety of institutions, including Uniswap, a decentralized exchange, and Yellow Card, an African cryptocurrency exchange. Previously, the Series B funding round was raised $165 millionIn the last , $40 million in the last.
Recently, Polychain participated in Chain A Flick funding rounda developer platform for web3, in December 2022.
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Beat the crypto winter
Amid a backdrop of growing concerns about regulatory uncertainty and economic instability, the availability of funding for cryptocurrency startups has been steadily diminishing. Venture capital flows into the industry declined significantly for the fifth consecutive quarter since the first quarter of 2022, to a global total of $2.34 billion.
This number is derived from the crypto database platform root data, through 382 transactions during the second quarter. However, it stands in stark contrast to the industry peak of $12.14 billion achieved in the first quarter of 2022.
