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Blockchain Capital closed two funds worth $580M in total. General partner Spencer Bogart reveals the firm’s strategy to TechCrunch.

  • Funding Allocation: The capital is divided between the sixth early-stage fund and the inaugural “opportunity fund”. Approximately two-thirds of the investment is earmarked for the early-stage fund, and the residual one-third is allocated to the opportunity fund.
  • Comparison: The previous fund raised by Blockchain Capital in June 2021 was a substantial $300M. They’re nearly doubling their previous endeavours, indicating a steadfast commitment to their investment strategy.
  • Strategic Plan: The firm is strategically targeting six sectors: decentralized finance, centralized finance, centralized infrastructure, decentralized infrastructure, gaming, and consumer/social. A $2B fund has been ruled out as impractical given the current crypto investment environment.
  • Investor Profile: Blockchain Capital’s Limited Partners (LPs) include strategic LPs like Visa and PayPay and committed capital groups such as university endowments, family offices, and sovereign wealth funds.
  • Opportunity Fund: The Opportunity Fund is designed to capitalize on past missed investment opportunities. The firm anticipates deploying the fund’s capital over a 3 – 5 year period.
  • Leadership Role: Blockchain Capital has transitioned from participant to leader in its funding rounds, aiming to contribute over half of the investment, take a board seat, and influence financing decisions.

Blockchain Capital remains committed to long-term investments in blockchain-based start-ups, not getting distracted by trends or venturing into unrelated sectors like AI or hedge funds according to Bogart.

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