Over $350 million has been raised by Polychain Capital and Coinfund, which are crypto venture capital firms. It is expected about $200 million is raised for a new investment fund and $152 million for a seed fund, stated Cointelegraph.
With insights from a report by Forbes made on July 18, 2023, Polychain raised its $200 million fund in the “first close” of its fourth investment fund, according to sources familiar with the matter. It is believed that Polychain has now signed agreements with investors and can start to issue funding to startups and projects, Cointelegraph added.
Sources revealed that Polychain has also removed about three members of its research team due to its new investing priorities, Cointelegraph highlighted.
Furthermore, according to the Bloomberg report made on July 18, 2023, in spite of the VC funding for crypto projects declining consistently for over a year, Coinfund, a venture capital firm raised about $152 million for its fourth seed fund, Cointelegraph concluded.
(With insights from Cointelegraph)