Blockchain Capital is seeking $700 million for two new cryptocurrency investment funds, according to a recent report. The venture firm’s seventh early-stage fund will target experimental projects, while a separate growth fund will focus on companies with existing traction. The fundraising round is expected to close within the next six months, amid a market where most crypto deals remain under $10 million, despite a recent rise in average deal size.
Blockchain Capital is raising $700 million for two new crypto investment funds, Bloomberg reported. The firm is working on its seventh early-stage fund and a separate growth fund to support both experimental projects and firms with business traction.
The new fundraising process will be completed in the coming six months, according to the report. Blockchain Capital, one of the oldest venture firms in crypto, manages over $2 billion in assets and has backed companies like Coinbase and Kraken.
Crypto fundraising activity is sending mixed signals, as Messari data shows the average deal value increased by almost half in the past month. However, the number of funds raised has dropped drastically in April, with projects raising only $466 million versus $3 billion in March.
Messari analysts noted that capital concentration is heavily biased by large later-stage rounds and debt deals. They stated that the majority of crypto fundraising is still within the sub-$10 million range, despite headline figures being inflated by massive transactions.
Institutional crypto services related to fintech and infrastructure continue to attract investors, with companies like Slash and OpenFx receiving higher-value raises. Overall cryptocurrency fundraising remains significantly lower than previous cycle highs of over $4 billion per month.
