Blockchain Capital Closes 2 New Funds Totaling $580M
- Blockchain Capital raised $580 million for two new funds, as per an official announcement.
- The funds are focused on investing in infrastructure, gaming, DeFi, and consumer and social technologies.
- The funds mark the VC firm’s sixth early-stage fund and its first “opportunity fund.”
- The “opportunity fund” will compete with the crypto firms that have already secured major funding elsewhere.
Blockchain Capital, a popular venture capital firm, has announced the closure of two new funds that are worth close to $580 million and are focused on investing in infrastructure, gaming, DeFi, and consumer and social technologies. The funds mark the VC firm’s sixth early-stage fund and its first “opportunity fund,” as per the official announcement.
According to the official announcement posted on September 18, the “opportunity fund” will focus as an inroad to the crypto firms that have already secured major funding from venture capital firms elsewhere.
“The end game is to elevate personal empowerment by granting individuals control over their digital and financial lives through innovative blockchain-enabled applications and services. It’s this vision of a democratized and distributed future that guides our passion and investment decisions,” said Blockchain Capital in the post.
Moreover, Blockchain Capital also commented on the recent demise of crypto firms and the collapse of multiple decentralized platforms, adding that the past 20 months “revealed the hazards of short-term thinking, exposing many who misjudged this nascent technology.” The firm stated that “investors often misjudge innovation’s tempo and play ahead of the beat,” while not “recognizing the quieter, fundamental indicators of long-term value creation.”
As per a report from Bloomberg, the $580 million fund will be split, with $380 million being distributed to the early stage fund and the rest earmarked for the opportunity fund. Additionally, it has not been made clear what type of projects the fund will prioritize in the near future.
Blockchain Capital said in the press release that the VC firm’s strategy “isn’t about sectors; it’s about harnessing blockchain technology to realign incentives, reestablish user trust, and reengineer the social contract of our increasingly digital world.” In the past few months, the funds generated by crypto-focused VC firms have decreased by significant numbers.
As reported earlier by BitcoinWisdom, venture capital firm Sequoia Capital reduced its crypto fund by almost 66%.. While the fund’s previous value was $585 million, it has now been reduced to $200 million. Interestingly, around the same time, Polychain Capital raised $200 million in the “first close” of its fourth investment fund.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
