Polychain Capital and Coinfund Raise $350M for New Crypto Funds
- Polychain Capital has raised $200 million in the “first close” of its fourth investment fund.
- While it can start investing in crypto projects, Polychain seeks to raise $400 million in total for the new fund.
- The firm also released three members of its research team, stating that it is currently investing in new priorities.
- Investment firm Coinfund also raised $152 million for its fourth seed fund, as per a July 18 report.
Polychain Capital, an American investment firm based in San Francisco, California, and Coinfund, another investment fund headquartered in New York City and Miami, have raised close to $350 million for a new investment fund. This announcement comes at a time when the crypto market is gradually recovering from the downtrend it has followed in the past few months.
As per a report from Forbes on February 18, Polychain Capital raised $200 million in the “first close” of its fourth investment fund, as per people with knowledge of the matter. This means that the San Francisco-based investment firm has signed agreements with investors and can begin issuing funding to startups and projects.
It is also crucial to note that, despite raising $200 million from investors whose names haven’t been revealed, Polychain seeks to raise $400 million in total for the new fund. On the other hand, the Forbes report also confirmed that Polychain released three members of its research team, stating that it is currently investing in new priorities.
As per data from Pitchbook, Polychain is currently responsible for managing over three funds with $2.6 billion in assets under management. As reported earlier by BitcoinWisdom, Polychain Capital has made significant investments in the crypto space, including an investment in Celestia Foundation, the firm responsible for the development of Celestia, a platform that enables anyone to easily deploy their own blockchain with minimal overhead.
This announcement comes at a time when venture capital funding in the crypto and blockchain space has declined considerably. Notably, Miami- and New York-headquartered investment firm Coinfund also confirmed raising $152 million for its fourth seed fund. As per a July 18 report from Bloomberg, Coinfund celebrated its eighth anniversary, and it was revealed that the firm has raised over $550 million in the past 18 months.
The CEO of Coinfund, Jake Brukhman, confirmed that the initial plan was to raise $125 million, but his firm was able to raise an additional $27 million due to an increase in interest in the blockchain and crypto space from investors.
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.
