Polychain Capital aims to raise $200M in second venture funding

• The funds raised will support early-stage crypto startups raising pre-seed, seed and Series A funding rounds.
• The company has previously raised $175 million from the first venture funding round.

A crypto investment company, Polychain Capital, is raising $200 million for a second fund aimed at venture investing. According to CoinDesk, the second venture fund is accepting minimum investments of $1 million for up to three years. The funds raised will support early-stage crypto startups raising pre-seed, seed and Series A funding rounds.

According to the Polychain slide deck, the first venture round raised $175 million from its investors. Of this, 40% was forwarded to startups that improved on current blockchain infrastructure and 60% to startups that explored less-tested industry concepts.

The deck noted that blockchain networks with enhanced flexibility, privacy and engineering will be prioritized in the second venture fund. Polychain said that with its first venture, it sought exposure to crypto exchanges and custodians through the investments that were considered foundational to the industry. So far, Polychain has backed decentralized finance (DeFi) powerhouse MakerDAO, margin trading book dYdX, blockchain bank Dharma and lending protocol Compound, etc.