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Polychain Capital Raises $200 Million for Fourth Fund

Polychain Capital Raises $200 Million for Fourth Fund WikiBit 2023-07-19 15:50

Polychain Capital Raises $200 Million for Fourth Fund

According to a report from Fortune, citing sources familiar with the matter, blockchain-focused venture capital firm Polychain Capital has raised approximately $200 million in the initial fundraising for its fourth cryptocurrency venture fund.

Fortune magazine reports that Polychain intends to raise a total of $400 million for the fund, aligning with the target amount stated in the Polychain Ventures IV (Parallel) LP fund documents submitted to the U.S. Securities and Exchange Commission in April. According to sources cited by Fortune, the venture capital firm has also laid off three members from its research team of approximately 15 members as it shifts its investment focus.

Polychain Capital was founded in 2016 and is one of the world's largest digital asset hedge funds. Its founder, Olaf Carlson-Wee, started his career at Coinbase in the customer support department and later served as a product manager and risk manager. He was responsible for overseeing the operation of company products, account security, and fraud prevention.

According to Crunchbase, Polychain Capital has been involved in a total of 199 investments, with 113 of them as lead investors. Among Polychain Capital's investment portfolio, notable projects include Polkadot, Cosmos, Tezos, Dfinity, Compound, and others.


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