Portal

Galaxy

Bitcoin

Portal Ventures has closed its second fund, raising $75 million to invest in pre-seed Web3 startups.&nbsp;
The fund includes backing from investors such as a16z’s Marc Andreessen and Chris Dixon, along with the contribution of funds of funds, including Accolade Partners, Theta Capital, and CrossLayer Capital.&nbsp;
The venture firm is based in New York City and claims to have invested in crypto startups even before a white paper or pitch deck had been drafted. According to Crunchbase, its portfolio includes startups like Plume Network — <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/plume-tokenized-mineral-vault-hunger-rwa-yield-ceo" rel="null" target="null" text="null" title="null">offering real-world asset tokenization</a> — and crypto lending platform Arch.&nbsp;
According to a spokesperson for Portal, the fund invests in only one founder per category, with a strong emphasis on Bitcoin programmability, decentralized infrastructure (DePIN) and maximal extractable value (MEV) business models.&nbsp;
Over the past few months, several venture firms have announced raising efforts for new funds targeting blockchain-based startups. In April, Paradigm <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/paradigm-seeks-850-millon-for-crypto-fund" rel="null" target="null" text="null" title="null">sought to secure $850 million</a> for a new fund — the firm’s largest since a $2.5 billion fund in 2021. Some of Paradigm’s most notable investments in the space include Coinbase, Fireblocks, Blast, Optimism, Uniswap and FTX.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/temasek-backed-venture-capital-firm-new-investment-fund" rel="" target="_blank" text="null" title="https://cointelegraph.com/news/temasek-backed-venture-capital-firm-new-investment-fund">Temasek-backed blockchain VC firm to start new investment fund</a>
Dragonfly Capital and Pantera Capital have also announced new ventures. In April, Pantera <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/pantera-capital-seeks-one-billion-raise-for-new-crypto-fund" rel="null" target="null" text="null" title="null">sought $1 billion</a> from investors for an “all-in-one” fund focusing on a broad spectrum of blockchain-based assets, while Dragonfly disclosed in September <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/dragonfly-capital-500-m-fourth-crypto-fund" rel="null" target="null" text="null" title="null">plans to raise $500 million</a> for its fourth crypto fund, also aimed at early-stage startups.&nbsp;
Despite a 20% decline in total investment between quarters, with $2.4 billion raised across 478 deals in the third quarter of 2024, early-stage funding remains resilient. Angel, pre-seed and seed rounds <a data-ct-non-breakable="null" href="https://www.galaxy.com/insights/research/crypto-blockchain-venture-capital-q3-2024" rel="null" target="null" text="null" title="null">accounted</a> for 85% of all capital poured into crypto startups over the period, according to data from Galaxy Research.&nbsp;
<figure>
 <img alt="Portal Ventures raises $75M for pre-seed crypto fund" src="https://s3.cointelegraph.com/uploads/2024-11/01932bd2-6a1d-7c22-9d04-0087846d5fe8" title="">
 <figcaption style="text-align: center;">
 Capital and deal count on crypto startups. Source: Galaxy Research
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</figure>
Year-to-date, venture capitalists have invested $8 billion in crypto startups, keeping the year on track to match or slightly surpass the total investment seen in 2023, largely by early-stage activity.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/blockchain-gaming-success-adoption-web3/" rel="null" target="null" text="null" title="null">Off The Grid’s success shows ‘invisible’ blockchain is the winning play</a>

Portal Ventures raises $75M for pre-seed crypto fund

Cointelegraph

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