Venture capital group Blockchain Capital announced the completion of two new funds, totaling $580 million, to invest in infrastructure, games, DeFi, and consumer and social technologies.
The funds will operate as Blockchain Capital’s sixth early-stage fund and first “opportunity fund,” a foray into companies that have already received major funding elsewhere.
We are excited to share the closing of two new funds – our sixth early-stage fund and our first opportunity fund.
Totaling $580 million, they help strengthen our commitment to leading the global transition to decentralized, blockchain-based systems. ↓https://t.co/Vr2uYnGlF7
— Blockchain Capital (@blockchaincap) September 18, 2023
According to a press release from Blockchain Capital:
“The ultimate goal is to increase personal empowerment by giving individuals control over their digital and financial lives through innovative blockchain applications and services. It is this vision of a democratized and distributed future that guides our enthusiasm and investment decision making.”
The funds totaling $580 million will be split, with $380 million reportedly allocated to early-stage funds and the remainder earmarked for opportunity funds. It is unclear what types of projects the investment fund will prioritize.
According to the press release, the company will continue its trend of investing in infrastructure, DeFi, gaming, and other financial, blockchain, and cryptocurrency opportunities.
However, the press release also mentioned that Blockchain Capital’s strategy is “industry agnostic but industry related.” It’s about leveraging blockchain technology to realign incentives, re-establish user trust, and redesign the social contract for our increasingly digital world. “
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Blockchain Capital wrote in a press release: “In fact, the volatility in the cryptocurrency market over the past 20 months has revealed the dangers of short-term thinking and exposed the misjudgment of many people towards this emerging technology.” It later added, “In Over the past 20 months, we have invested more in funding the next generation of innovators than at any time in our history.”
The latest fund to close is one of the largest in cryptocurrency or blockchain history and one of the largest accumulations of blockchain capital ever. However, this should not be interpreted as a signal that the firm intends to continually increase the size of the fund.
Spencer Bogart, one of the firm’s partners, said in an interview with TechCrunch that the firm “has no intention of expanding and becoming an AI fund or a hedge fund and trading tokens,” adding that he doesn’t think future funds “will become anything more than What you see here.”
