New York City-based investment manager Coatue Management, which has invested in high-profile crypto startups like MoonPay, Chainalysis and Fireblocks, came up well short of its target when raising money for the firm's latest fund focused on the development of early-stage companies, according to The Information.
Coatue raised $331 million, said The Information, but that was 34% below it's target. "The smaller than anticipated total shows how the firms that raised huge funds during the pandemic investing boom are falling short of their fundraising goals," the technology-focused media outlet also said.
Last year three general partners left Coatue, including Luca Schmid, who led some of the firm's top crypto and fintech investments.
Venture funding for web3 dropped 80% in the first quarter of this year when compared with 2022, according to K33 Research.
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