Bloccelerate, a Seattle-area enterprise capital agency that backs startups constructing blockchain-related applied sciences, is elevating one other fund.
A brand new SEC filing reveals that the agency raised $20 million of a bigger fund.
Kate Mitselmakher, who launched Bloccelerate in 2018 and leads the agency as normal accomplice, declined to touch upon the submitting.
Bloccelerate raised $12 million for its first fund in 2020. The agency invests in blockchain startups and in addition offers infrastructure for its portfolio, which embrace firms equivalent to Stably, ZenLedger, BlockApps, and others.
Enterprise capital funding to blockchain and Web3 startups seems to be slowing dramatically within the third quarter, TechCrunch reported, amid the downturn for the crypto market and slowdown for enterprise capital extra broadly.
Nonetheless, some traders stay bullish on backing startups constructing blockchain tech equivalent to web3. Silicon Valley heavyweight Andreessen Horowitz announced a $5.5 billion Web3 fund in Could, for instance, and other firms are additionally elevating new funds.
Mitselmakher, a former govt with Gartner Make investments, leads Bloccereate with Sam Yilmaz, normal accomplice and a former managing accomplice at Decentralized Purposes Fund.