Blockchain Capital, the San Francisco-based venture capital firm, has successfully secured $580 million for its latest crypto investment funds. These include its sixth early-stage venture fund and a pioneering opportunity fund, Blockchain Capital said in an announcement.
“Today, we are excited to announce the closing of two new funds – our sixth early stage fund and first opportunity fund. Together they total $580 million and serve to reinforce our commitment to these long held principles,” the announcement read.
Among the contributors to this substantial funding were notable names like payments giant Visa. Notably, both Visa and PayPal had also invested in Blockchain Capital’s fifth fund, a $300 million venture closed in 2021.
Despite a recent dip in venture investment in crypto startups, with less than $500 million allocated in August, the lowest level recorded in over two years, Blockchain Capital has maintained its active presence. In recent months, the firm has taken the lead in funding several significant later-stage rounds, such as a $115 million raise for Tools For Humanity, the developers of the controversial Worldcoin project, and a $40 million raise for RISC Zero.
“Over the past 20 months we’ve invested more capital into the next generation of innovators than any other time in our history. The reason is simple: today’s market offers unprecedented opportunities, driven by an influx of highly skilled founders who are developing a diverse range of innovative technologies,” it added.
Blockchain Capital’s strategic focus has been on investing in crypto startups specializing in various sectors, including infrastructure, gaming, DeFi, consumer services, and social platforms, as indicated in today’s announcement.