{"id":54870,"date":"2023-07-20T10:51:56","date_gmt":"2023-07-20T14:51:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=54870"},"modified":"2023-07-20T10:56:41","modified_gmt":"2023-07-20T14:56:41","slug":"polychain-capital-coinfund-raise-350m-for-new-crypto-funds","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/polychain-capital-coinfund-raise-350m-for-new-crypto-funds\/","title":{"rendered":"Polychain Capital, Coinfund Raise $350M for New Crypto Funds"},"content":{"rendered":"\n

Polychain Capital and Coinfund, two crypto venture capital firms<\/a>, raised $350 million for their new investment funds.<\/p>\n\n\n\n

\"Polychain
Polychain Capital, Coinfund Raise $350M for New Crypto Funds<\/figcaption><\/figure>\n\n\n\n

According to sources acquainted with the situation, Polychain raised $200 million during the “first close” of its fourth investment fund<\/a>, according to a July 18 Forbes article. After the closure, Polychain will have contracts with investors and be able to start funding initiatives and entrepreneurs.<\/p>\n\n\n\n

\n

July is CoinFund\u2019s 8th anniversary, celebrating the journey of @jbrukh\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> @flexthought<\/use><\/svg><\/span><\/a> and team from kitchen table to cap table. We\u2019re thrilled to bolster this milestone with the announcement that CoinFund has closed its $158M Seed IV Fund to back the leaders of the new internet
\ud83e\uddf5 pic.twitter.com\/6kwBFuIHiy<\/use><\/svg><\/span><\/a><\/p>— CoinFund (@coinfund_io) July 18, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Despite the large boost, Polychain still hopes to gather $400 million for the new fund. Due to its changing spending priorities, Polychain also let go of three members of its research team.<\/p>\n\n\n\n

According to Pitchbook data, Polychain is now in charge of three funds with a combined $2.6 billion in assets under management. According to a July 18 Bloomberg report, VC firm Coinfund also raised $152 million for its fourth seed fund, despite VC financing for cryptocurrency companies steadily falling for over a year.<\/p>\n\n\n\n

The company had set a goal of obtaining $125 million, according to Coinfund CEO Jake Brukhman<\/use><\/svg><\/span><\/a>, but was able to raise an additional $27 million thanks to renewed interest in the sector.<\/p>\n\n\n\n

According to data from business analytics firm Crunchbase, the overall amount of venture capital for crypto and Web3 firms decreased by 76% from last year.<\/p>\n\n\n\n

Following the failure of Do Kwon's Terra Money ecosystem, Sam Bankman-Fried's FTX<\/a>, and several other well-known initiatives over the last two years, investors are allegedly becoming more cautious about the cryptocurrency industry.<\/p>\n\n\n\n

This has led to a shift away from less innovative business segments, and many venture capitalists are now wary of all new investments, with artificial intelligence being the one prominent exception.<\/p>\n\n\n\n

Over $12 billion in venture money has been invested in the AI industry as of January 1 as investors aim to profit from the emerging market.<\/p>\n","protected":false},"excerpt":{"rendered":"

Polychain Capital and Coinfund, two crypto venture capital firms, raised $350 million for their new investment funds. According to sources acquainted with the situation, Polychain raised $200 million during the “first close” of its fourth investment fund, according to a July 18 Forbes article. After the closure, Polychain will have contracts with investors and be […]<\/p>\n","protected":false},"author":43,"featured_media":54872,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[790,2119,5453],"class_list":["post-54870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-coinfund","tag-funds","tag-polychain-capital"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/07\/croc_1689847311551.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=54870"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/54870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/54872"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=54870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=54870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=54870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}