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Tom Mitchelhill7 hours agoPolychain Capital, Coinfund raise $350M for new crypto funds: ReportPolychain Capital raised $200M for its newest fund while Coinfund raised a better-than-expected $152 million.1624 Total views15 Total sharesListen to article 0:00NewsJoin us on social networksOver $350 million has been raised by crypto venture capital firms Polychain Capital and Coinfund, with respective reported raises of $200 million for a new investment fund and $152 million for a seed fund.


A July 18 Forbes report said Polychain’s $200 million sum was raised in the “first close” of its fourth investment fund, according to sources familiar with the matter. The close means Polychain has now signed agreements with investors and can begin issuing funding to startups and projects.


Despite the significant raise, Polychain still intends to raise $400 million in total for the new fund. Additionally, Polychain let go of three members of its research team due to its new investing priorities.


Polychain currently manages a total of three funds with approximately $2.6 billion in assets under management, according to Pitchbook data.


Despite VC funding for crypto projects declining consistently for over a year, VC firm Coinfund also raised $152 million for its fourth seed fund, according to a July 18 Bloomberg report.July is CoinFund’s 8th anniversary, celebrating the journey of @jbrukh @flexthought and team from kitchen table to cap table. We’re 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

pic.twitter.com/6kwBFuIHiy— CoinFund (@coinfund_io) July 18, 2023


Coinfund CEO Jake Brukhman said the company had its sights set on raising $125 million but managed to rake in an additional $27 million due to a resurgence of interest in the industry.


Related:US ‘dominates’ crypto startup funding in Q2: Report


The total volume of venture funding for crypto and Web3 startups has declined by 76% from this time last year, according to data from business analytics firm Crunchbase.The total sum of venture funding and number of deals for crypto startups in the last two years. Source: Crunchbase


Investors have reportedly grown wary of the crypto sector, following on from the collapse of Do Kwon’s Terra Money ecosystem, Sam Bankman-Fried’s FTX and a number of other high-profile projects over the span of the last two years.


This has caused a retreat into more traditional market sectors and many venture capitalists have become cautious of new investments across the board, with the only notable exception being artificial intelligence.


As of Jan. 1, the AI industry had seen in excess of $12 billion dollars in venture funding as investors race to capitalize on the nascent sector.


Asia Express:China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival# Business# Funding# Venture Capital# Startups# AdoptionAdd reactionAdd reactionRelated NewsCan memecoins be used as real currency?9 AI coding tools every developer must knowBitcoin rally will lead to "speculative blow-off top” in 2024, Mark Yusko predictsCointelegraph Accelerator welcomes Web3 venture builder GAMI as a strategic partnerExecs remain positive on long-term prospects amid VC funding downturnUS ‘dominates’ crypto startup funding in Q2: Report

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