Venture capital group Blockchain Capital has successfully closed two new funds, totaling $580 million. These funds will be dedicated to investing in infrastructure, gaming, DeFi, and consumer and social technologies. They include Blockchain Capital’s sixth early-stage fund and its inaugural “opportunity fund” for companies with substantial prior funding.
Blockchain Capital’s mission is to empower individuals by giving them control over their digital and financial lives through blockchain-enabled applications and services. Out of the $580 million, $380 million will go to the early-stage fund, with the rest allocated to the opportunity fund. The specific types of projects to be prioritized have not been detailed in the release.
The press release emphasizes that Blockchain Capital will continue to invest in various sectors within the blockchain and cryptocurrency space. However, their strategy is broader, aiming to utilize blockchain technology to realign incentives, rebuild user trust, and redefine the social contract in the digital world.
Acknowledging recent crypto market volatility, the release advises against short-term thinking in this emerging technology and highlights Blockchain Capital’s significant investments in the next generation of innovators over the past 20 months. These fund closures are among the largest in cryptocurrency and blockchain history, marking a milestone for Blockchain Capital. However, the firm does not plan to continuously increase fund sizes. According to Spencer Bogart, one of the firm’s partners, there are no plans to expand into AI funds or hedge funds trading tokens, and future funds are not expected to substantially grow beyond their current size.
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