Polychain Capital raises $200 million for its fourth venture fund

A crypto-focused firm Polychain Capital has raised $200 million for its fourth venture fund, Fortune writes.

The amount corresponds to the ‘first close’ of the fundraising. The firm has set a target of ‘just under’ $400 million.

Success in signing agreements with investors will allow the fund to begin investing in crypto startups. The focus is on Layer 2 solutions for Ethereum.

According to PitchBook, in the previous three funds Polychain Capital raised about $2.6 billion.

According to a data provider, since the start of the year 12 crypto venture funds have attracted about $1.7 billion. By comparison, in 2022 the total reached $22.5 billion across 91 funds.

In June, Polychain Capital participated in a strategic funding round for the cross-chain protocol Connext.

Earlier the company supported the teams behind the restaking project EigenLayer and the L2 network based on a ZK Rollup named Scroll.