Difference between revisions of "Polychain Capital"

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* [[Acala (ACA)|Acala's]] [https://medium.com/acalanetwork/polkadot-parachains-and-venture-funds-team-up-to-launch-250-million-ausd-ecosystem-fund-to-grow-1592f925799a aUSD Ecosystem Fund]; one of the founding funds to grow the Acala [[Stablecoins|stablecoin]] (23-3-2022)  
* [[Acala (ACA)|Acala's]] [https://medium.com/acalanetwork/polkadot-parachains-and-venture-funds-team-up-to-launch-250-million-ausd-ecosystem-fund-to-grow-1592f925799a aUSD Ecosystem Fund]; one of the founding funds to grow the Acala [[Stablecoins|stablecoin]] (23-3-2022)  
*Agoric. Has [https://medium.com/@interchain_io/highlighting-organizations-in-the-cosmos-ecosystem-e55c39e262d7 funded] (21-2-2020) [[Agoric]].  
*Agoric. Has [https://medium.com/@interchain_io/highlighting-organizations-in-the-cosmos-ecosystem-e55c39e262d7 funded] (21-2-2020) [[Agoric]].  
* [[AltLayer]]; [https://www.binance.com/en/research/projects/altlayer private round] (17-1-2024) plus the [https://twitter.com/alt_layer/status/1759539340164706520 $14.4M round] one month later as well (19-2-2024).  
* [[Allora]]; [https://medium.com/allora-network/introducing-allora-a-self-improving-decentralized-ai-network-1bd4516fa868 mentioned] as one of its backers (2-2-2024).
*[[AltLayer]]; [https://www.binance.com/en/research/projects/altlayer private round] (17-1-2024) plus the [https://twitter.com/alt_layer/status/1759539340164706520 $14.4M round] one month later as well (19-2-2024).  
*Anchorage. Invested in [[Anchorage]] (again also has investment ties with Andreessen) and in [[Coda]] (as did [[Coinbase Ventures]])  
*Anchorage. Invested in [[Anchorage]] (again also has investment ties with Andreessen) and in [[Coda]] (as did [[Coinbase Ventures]])  
*[[Arbitrum]]; took part in the [https://news.bitcoin.com/offchain-labs-launches-arbitrum-one-mainnet-startup-raises-120-million/ $120M] raise (1-9-2021)
*[[Arbitrum]]; took part in the [https://news.bitcoin.com/offchain-labs-launches-arbitrum-one-mainnet-startup-raises-120-million/ $120M] raise (1-9-2021)
*[[Ava Labs|AVA Labs]]. [https://www.coindesk.com/ava-labs-exits-stealth-launches-blockchain-testnet-based-on-avalanche-protocol Participated] (16-5-2019) in an undisclosed 6M$ funding round for [[AVA Labs]]. Polychain and [[Three Arrows Capital|Three Arrows]] lead [https://www.theblockcrypto.com/post/117895/polychain-three-arrows-capital-lead-230-million-avalanche $230m investment] in Avalanche (17-9-2021).
*[[Ava Labs|AVA Labs]]. [https://www.coindesk.com/ava-labs-exits-stealth-launches-blockchain-testnet-based-on-avalanche-protocol Participated] (16-5-2019) in an undisclosed 6M$ funding round for [[AVA Labs]]. Polychain and [[Three Arrows Capital|Three Arrows]] lead [https://www.theblockcrypto.com/post/117895/polychain-three-arrows-capital-lead-230-million-avalanche $230m investment] in Avalanche (17-9-2021).
*[[Axelar Network (AXL)|Axelar]]; was part of one of their 3 financing rounds ([https://blog.coinlist.co/the-state-of-axelar-the-stripe-of-web3/ 1-9-2022]).
*[[Axelar Network (AXL)|Axelar]]; was part of one of their 3 financing rounds ([https://blog.coinlist.co/the-state-of-axelar-the-stripe-of-web3/ 1-9-2022]).
*[[Babylon]]; part of their [https://x.com/babylon_chain/status/1796171723471258091 $70M pre-launch] round (30-5-2024).
*[[Badger DAO (BADGER)|BadgerDAO]]; was [https://badger.substack.com/p/badger-dao-weekly-newsletter-13 one of four] parties that took part in buying a total of $21M worth of assets from the treasury (8-3-2021).
*[[Badger DAO (BADGER)|BadgerDAO]]; was [https://badger.substack.com/p/badger-dao-weekly-newsletter-13 one of four] parties that took part in buying a total of $21M worth of assets from the treasury (8-3-2021).
*[[Berachain (BERA)|Bearachain]]; part of the [https://www.theblock.co/post/227344/berachain-funding-new-layer-1-blockchain $42M raise] (20-4-2023)
*[[Berachain (BERA)|Berachain]]; part of the [https://www.theblock.co/post/227344/berachain-funding-new-layer-1-blockchain $42M raise] (20-4-2023) and part of the [https://twitter.com/berachain/status/1778776309927191012 Series B $100M] (12-4-2024).
*[[BitClout (BTCLT)|Bitclout]]; it's founder has [https://www.coindesk.com/what-is-bitclout-the-social-media-experiment-stoking-controversy-on-twitter mentioned] this fund as an investor (23-3-2021).
*[[BitClout (BTCLT)|Bitclout]]; it's founder has [https://www.coindesk.com/what-is-bitclout-the-social-media-experiment-stoking-controversy-on-twitter mentioned] this fund as an investor (23-3-2021).
*[[Bitlayer]]; took part in the [https://x.com/BitlayerLabs/status/1843704167761920165 extended] $9M Series A round (9-10-2024).
*[[Celestia]]; participated in their [https://blog.celestia.org/celestia-raises-55m-to-launch-modular-blockchain-network/ $55M raise] (20-10-2022).
*[[Celestia]]; participated in their [https://blog.celestia.org/celestia-raises-55m-to-launch-modular-blockchain-network/ $55M raise] (20-10-2022).
*[[Celo (CELO)|Celo]]; [https://messari.io/asset/celo/profile according] to [[Messari]] (24-6-2021).
*[[Celo (CELO)|Celo]]; [https://messari.io/asset/celo/profile according] to [[Messari]] (24-6-2021).
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*DerivaDEX. Is [https://medium.com/derivadex/introducing-derivadex-a-next-generation-decentralized-exchange-for-derivatives-62cc0ab8ee7d one of the backers] in a $2.7M raise for [[DerivaDEX]] (2-7-2020).
*DerivaDEX. Is [https://medium.com/derivadex/introducing-derivadex-a-next-generation-decentralized-exchange-for-derivatives-62cc0ab8ee7d one of the backers] in a $2.7M raise for [[DerivaDEX]] (2-7-2020).
* Dfinity. [https://medium.com/@rbozman/how-set-protocol-raised-2m-from-craft-ventures-scott-belsky-dfj-db5777737337 Invested] in [[Dfinity]].  
* Dfinity. [https://medium.com/@rbozman/how-set-protocol-raised-2m-from-craft-ventures-scott-belsky-dfj-db5777737337 Invested] in [[Dfinity]].  
* [[dYdX]] [https://medium.com/dydxderivatives/dydx-raises-10m-series-a-1250b7e0e1df?ref=tokendaily&ct=t(RSS_EMAIL_CAMPAIGN)&mc_cid=10f74de992&mc_eid=b9fac0945e raised] $10M Series A led by [[a16z crypto]] (which is from Andreessen Horowitz) and Polychain Capital  
* [[Drift]]; [https://www.drift.trade/updates/drifts-series-a-announcement participated] in the Series A $25.5M (23-1-2024).
*[[dYdX]] [https://medium.com/dydxderivatives/dydx-raises-10m-series-a-1250b7e0e1df?ref=tokendaily&ct=t(RSS_EMAIL_CAMPAIGN)&mc_cid=10f74de992&mc_eid=b9fac0945e raised] $10M Series A led by [[a16z crypto]] (which is from Andreessen Horowitz) and Polychain Capital  
*[[EigenLayer]]; [https://twitter.com/eigenlayer/status/1640754971435229184 participated] in their Series A of $50M and in their seed raise of $14.5M (28-3-2023)
*[[EigenLayer]]; [https://twitter.com/eigenlayer/status/1640754971435229184 participated] in their Series A of $50M and in their seed raise of $14.5M (28-3-2023)
*[[Enso Finance]]; part of a [https://cryptobriefing.com/enso-finance-raises-5m-to-build-social-trading-platform/ $5M] funding round (13-4-2021).
*[[Enso Finance]]; part of a [https://cryptobriefing.com/enso-finance-raises-5m-to-build-social-trading-platform/ $5M] funding round (13-4-2021).
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*[[Findora (FINDORA)|Findora]]; led a [https://decrypt.co/84540/privacy-blockchain-putting-100-million-compete-zcash-monero?utm_source=telegram&utm_medium=social&utm_campaign=smt private round] (12-2020).
*[[Findora (FINDORA)|Findora]]; led a [https://decrypt.co/84540/privacy-blockchain-putting-100-million-compete-zcash-monero?utm_source=telegram&utm_medium=social&utm_campaign=smt private round] (12-2020).
*Gauntlet. Is an investor in [[Gauntlet]], according to their [https://gauntlet.network/about/ website] (19-10-2020).
*Gauntlet. Is an investor in [[Gauntlet]], according to their [https://gauntlet.network/about/ website] (19-10-2020).
*[[Grass (GRASS)|Grass]]; part of their [https://x.com/getgrass_io/status/1837497207798616248 Series A] (21-9-2024).
* Handshake. One of the [https://messari.io/article/handshake-project-revealed-at-136-million-valuation backers] of a $10.2M [[token]] sale (7.5% of the supply) for [[Handshake]] (3-8-2020).  
* Handshake. One of the [https://messari.io/article/handshake-project-revealed-at-136-million-valuation backers] of a $10.2M [[token]] sale (7.5% of the supply) for [[Handshake]] (3-8-2020).  
* Keep. [https://www.bloomberg.com/news/articles/2020-04-02/bitcoin-s-ethereum-rivalry-could-be-assuaged-with-tbtc-bridge Invested] (2018) in [[Keep]]. Is [https://keep.network/#advisors mentioned] as a staker on the network (12-11-2020).  
* Keep. [https://www.bloomberg.com/news/articles/2020-04-02/bitcoin-s-ethereum-rivalry-could-be-assuaged-with-tbtc-bridge Invested] (2018) in [[Keep]]. Is [https://keep.network/#advisors mentioned] as a staker on the network (12-11-2020).  
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* [[Liquity]]. [https://medium.com/liquity/liquity-protocol-raises-2-4m-in-seed-funding-led-by-polychain-capital-a3966273dfcb Lead investor] in a $2.4M raise for [[Liquity (LQTY)|Liquity]] (29-9-2020).  
* [[Liquity]]. [https://medium.com/liquity/liquity-protocol-raises-2-4m-in-seed-funding-led-by-polychain-capital-a3966273dfcb Lead investor] in a $2.4M raise for [[Liquity (LQTY)|Liquity]] (29-9-2020).  
* [[MakerDAO]]. Backs and advises [[Maker DAO|MakerDAO]]; ''"In December 2017, [[Maker]] sold $12 million [[MKR]] in a private round to a group of investors led by [[Andreessen Horowitz]] and Polychain capital."''  
* [[MakerDAO]]. Backs and advises [[Maker DAO|MakerDAO]]; ''"In December 2017, [[Maker]] sold $12 million [[MKR]] in a private round to a group of investors led by [[Andreessen Horowitz]] and Polychain capital."''  
*[[Manta]]; part of the [https://messari.io/report/state-of-manta-q2-2024 $50M raise]
*[[Maple Finance (MPL)|Maple Finance]]; participated in their second funding round of [https://www.coindesk.com/maple-finance-raises-1-4m-for-its-reputation-based-defi-lending-platform $1.4M] (18-3-2021).
*[[Maple Finance (MPL)|Maple Finance]]; participated in their second funding round of [https://www.coindesk.com/maple-finance-raises-1-4m-for-its-reputation-based-defi-lending-platform $1.4M] (18-3-2021).
*[[Nervos Network (CKB)|Nervos]]; is one of its [https://www.coindesk.com/huobi-usd-stablecoin-nervos-blockchain backers] (8-12-2020).
*[[Nervos Network (CKB)|Nervos]]; is one of its [https://www.coindesk.com/huobi-usd-stablecoin-nervos-blockchain backers] (8-12-2020).
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* [[Nym (NYM)|Nym]]; [https://decrypt.co/202861/andreessen-horowitz-backs-nym-300m-privacy-centric-innovation-fund part] of their $300M Privacy-Centric 'Innovation Fund'  
* [[Nym (NYM)|Nym]]; [https://decrypt.co/202861/andreessen-horowitz-backs-nym-300m-privacy-centric-innovation-fund part] of their $300M Privacy-Centric 'Innovation Fund'  
*[[Oasis Network (ROSE)|Oasis Network]]; [https://messari.io/asset/oasis-network/profile investor] (13-11-2020).  
*[[Oasis Network (ROSE)|Oasis Network]]; [https://messari.io/asset/oasis-network/profile investor] (13-11-2020).  
*[[Orca (ORCA)|Orca]]; part of the $18M Series A ([https://www.coindesk.com/business/2021/09/22/solana-based-dex-orca-raises-18m-series-a-funding/ 22-9-2021)].
*[[Overlay]]; [https://medium.com/overlay-protocol/announcing-overlay-investors-49f40610f9cf part of] a $2.215M funding raising round (18-3-2021).
*[[Overlay]]; [https://medium.com/overlay-protocol/announcing-overlay-investors-49f40610f9cf part of] a $2.215M funding raising round (18-3-2021).
*[[Paradigm]]. [https://www.coindesk.com/the-crypto-protocol-trying-to-unite-every-exchange-order-book Led] a $1M seed round for [[Paradigm Labs]] in 2018, but as of 3-2020 Paradigm Labs [https://www.coindesk.com/paradigm-labs-shuts-down-says-it-was-too-early-for-defi-boom has closed down].
*[[Paradigm]]. [https://www.coindesk.com/the-crypto-protocol-trying-to-unite-every-exchange-order-book Led] a $1M seed round for [[Paradigm Labs]] in 2018, but as of 3-2020 Paradigm Labs [https://www.coindesk.com/paradigm-labs-shuts-down-says-it-was-too-early-for-defi-boom has closed down].
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*[[Scroll]]; part of the [https://www.theblockcrypto.com/post/142800/scroll-raises-ethereum-scaling-project-funding $30m] Series A round (21-4-2022).
*[[Scroll]]; part of the [https://www.theblockcrypto.com/post/142800/scroll-raises-ethereum-scaling-project-funding $30m] Series A round (21-4-2022).
*[[Solana (SOL)|Solana]]; part of a [https://www.coindesk.com/solana-labs-raises-314m-in-token-sale-led-by-a16z-polychain $314M] raise with a token sale (9-6-2021).
*[[Solana (SOL)|Solana]]; part of a [https://www.coindesk.com/solana-labs-raises-314m-in-token-sale-led-by-a16z-polychain $314M] raise with a token sale (9-6-2021).
*[[Solayer]]; led the [https://x.com/solayer_labs/status/1828493462460867033 $12M] raise (28-8-2024).
*StakerDAO. [https://www.coindesk.com/theres-now-a-dao-for-deciding-which-blockchains-to-stake-on Invested] in [[StakerDAO]] (31-10-2019)
*StakerDAO. [https://www.coindesk.com/theres-now-a-dao-for-deciding-which-blockchains-to-stake-on Invested] in [[StakerDAO]] (31-10-2019)
* [[Talus Network|Talus]]; part of the [https://twitter.com/TalusNetwork/status/1762157302088434040 $3M] round (26-2-2024).  
* [[Squid Router]]; led their [https://www.dlnews.com/articles/defi/squid-router-raises-4m-to-expand-one-click-defi-bridge/ $4M r]aise (31-1-2024).
*[[Talus Network|Talus]]; part of the [https://twitter.com/TalusNetwork/status/1762157302088434040 $3M] round (26-2-2024).  
*Terra. Is [https://terra.money/about one of the backers] (9-3-2020) of [[Terra (LUNA)|Terra]].  
*Terra. Is [https://terra.money/about one of the backers] (9-3-2020) of [[Terra (LUNA)|Terra]].  
*[[TokenTerminal]]; they mention this as one of their 'community members' ([https://tokenterminal.com/ 1-8-2022]), however, due to the nature of the ones named, we can assume these are investors.  
*[[TokenTerminal]]; they mention this as one of their 'community members' ([https://tokenterminal.com/ 1-8-2022]), however, due to the nature of the ones named, we can assume these are investors.  

Latest revision as of 12:46, 30 October 2024

Basics

  • Launched in September, 2016 with $5 million from 30 investors.
  • Crypto/blockchain hedge fund.
  • From this interview (17-12-2018) with Set's Felix:

"I think another interesting thing is that in crypto, money has tended to flock to the highest quality projects, right. There are a certain number of projects that have stellar founders or groundbreaking protocols and everyone is interested in those particular projects. And usually there’s so much interest that they end up increasing the size of their round to accommodate everybody. So there, maybe even if an investor started as a lead, other funds end up coming in and creating this party round setup.

I think one exception to that is Polychain — they have the AUM to confidently lead rounds, especially on the equity side of things. And they’re also set up to do equity, so I’ve been hearing that they’ve actually been kind of monopolizing all of the good equity deals because they’ll take up a majority of a round.

RB: Yeah for sure — I mean you look at them leading a $60M round into Dfinity, there’s not many crypto funds that are set up to do that.

FF: Or let alone have the conviction to do that. I think many crypto funds are actually very risk averse. They rely on social proof in making investments versus digging deeply into the code and understanding whether a project will work or not because there’s only so many people who are capable of doing that technical analysis. Polychain has the capabilities — they hire really, really smart research analysts to perform this analysis. Whereas most crypto funds are maybe one or two people who have nontechnical backgrounds and aren’t able to dig as deeply."

Investments

"New Polkadot Ecosystem Fund launched by Web3 Foundation and Polychain Capital to support teams building Polkadot parachains."

"Crypto fund Polychain Capital has picked up a further 141 YFI. The fund can now boast owning 1.6% of the entire supply, all purchased from the open market."

Team, Funding, Partners etc.

  • Carlson-Wee, Olaf; founder, used to be the first employee at Coinbase
  • Zurrer, Ryan; used to build renewable energy around the world and for the last couple of years is an angel investor in the crypto space.
  • Jacob Phillips
  • Niraj Pant

Funding

Partners