Polychain Capital, CoinFund Raise Combined $350m for Crypto, Web3 Start-Up Ventures

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Venture capital firms Polychain Capital and CoinFund raised $350 million for crypto start-ups even as overall funding for the industry remains in a slump.

CoinFund, a crypto-native investment fund, tweeted that it had raised seed funding of $158 million, while Forbes reported that Polychain Capital raised $200 million for its fourth investment fund.

Polychain Capital Invested in Uniswap

Polychain, which has invested in firms including Uniswap and Yellow Card, has plans to raise a further $200 million for its fourth fund. Founded in 2016 by Olaf Carlson-Wee, it’s known for investing in DeFi protocols and blockchain. 

CoinFund tweeted that it will use the funds raised ”to back the leaders of the new internet.” CEO Jake Brukhman said that the funds raised were significantly higher than their initial estimate for $125 million, Coin Telegraph reported. Founded in 2015 and with offices in  New York and Miami, CoinFund’s investment portfolio includes investments in Neutron, Gensyn, and GoGoPool.

Overall venture capital fundraising in for the crypto industry remains in the doldrums. Funds raised for crypto and Web3 ventures plunged 76% in the second quarter from a year earlier as big funding deals slowed to a crawl, according to Crunchbase data.

It said that while all sectors are seeing a slowdown in venture capital funds raised, Web3, defined as cryptocurrency and blockchains startups, was hit the hardest as investors retreat to AI and other more traditional sectors.

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