"Polychain Capital, one of the most prominent venture capital firms in the crypto space, has raised around $200 million in the "first close" of its fourth fund, according to a person familiar with the matter, while letting go three members of its research team amid new investing priorities. It still plans to raise around $400 million total for the fourth fund."
"Founded in 2016 by Olaf Carlson-Wee, Coinbase's first employee, Polychain Capital quickly became a leader in the crypto venture space. The firm has led investments in companies such as the decentralized exchange Uniswap and the African crypto exchange Yellow Card. Polychain was included in the inaugural FORTUNE CRYPTO 40 this year."
"The raise is a bullish sign for the industry, suggesting ongoing interest in the sector despite a "Crypto Winter" that has seen venture funding evaporate for both startups and VC firms."
Polychain Capital, a leading crypto venture firm founded in 2016 by Olaf Carlson-Wee, completed the first close of its fourth fund with $200 million raised, with plans to reach approximately $400 million total. The firm has previously managed $2.6 billion in assets across three funds and made notable investments in Uniswap and Yellow Card. The successful raise demonstrates ongoing investor confidence in the crypto sector despite the recent crypto winter that reduced venture funding. Polychain deployed most capital from its third fund before launching the fourth fund. The firm recently restructured its research team as part of new investing priorities.
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