Polychain Capital, a cryptocurrency-focused firm, has raised a total of $200 million in its fourth venture fund.
This amount is part of the company’s goal to raise just under $400 million in the first round of fundraising, which will enable them to start making investments in crypto startups.
Polychain Capital will focus on second-tier solutions for Ethereum, citing Pitchbook, which notes that the firm had amassed over $2.6 billion in its three previous funds.
According to records, 12 crypto-venture funds have collected around $1.7 billion from January to present. This is a stark contrast to the $22.5 billion raised by 91 funds in 2022.
Polychain Capital previously participated in the strategic financing of Connext, as well as providing support to EigenLayer’s re-staking project and Scroll, an L2 network based on ZK Rollup.
