Crypto-oriented venture capital firm Blockchain Capital is reportedly seeking to raise $700 million for two distinct funds, as revealed by Bloomberg, citing well-informed sources.

The firm is planning to create its seventh early-stage fund, which will focus on innovative and nascent projects, alongside a second growth fund aimed at more established companies with some existing success. The new funding rounds are anticipated to conclude within the next six months, although the firm has already begun utilizing portions of the newly raised capital.

Fundraising Trends

Despite a downturn in the cryptocurrency market, there has been a remarkable 50% increase in the average deal size for crypto funding in the past month, as reported by the market intelligence platform Messari. However, total fundraising in April currently stands at $466 million, a significant drop from $3 billion in March.

Interestingly, Messari notes that the landscape of capital influx is significantly influenced by larger debt deals, such as Core Scientific’s billion-dollar financing through Morgan Stanley, indicating a broader trend where substantial transactions overshadow smaller, more moderate deals.

For further insights on the dynamics of crypto funding, you can explore the Messari report.