Blockchain Capital seeks $700 million for two new funds: Bloomberg

Blockchain Capital, a crypto-focused venture capital firm, is raising $700 million across two new funds, according to Bloomberg.

The VC firm is simultaneously seeking capital for its second growth fund and its seventh early-stage fund, the outlet reported Thursday, citing a source familiar with the matter.

The source said the firm has already begun deploying some of the new capital, with the fundraising process expected to conclude in five to six months.

Blockchain Capital, which manages about $2 billion in fee-bearing assets, has backed major crypto companies including Coinbase, Circle, Polymarket and Tether, according to its website, and has remained active in recent months. Last week, it led a $12 million funding round for Paxos Labs.

The Block reached out to Blockchain Capital for comment.

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Crypto VC funding climbed to $2.42 billion in March, a significant jump from $683.6 million in February and $1.31 billion in January, according to The Block's data dashboard.

However, many crypto VCs are finding it harder to raise capital. Thomas Klocanas, managing partner at Strobe Ventures (formerly of BlockTower), told The Block that fundraising conditions could improve alongside broader market recovery, though the higher bar for startups is likely to persist.