- According to reports, Portal’s second fund, which has supporters including Marc Andreessen and Chris Dixon of a16z, is oversubscribed.
- The venture capital business focuses on ground-level possibilities and emphasizes writing the “first check” for a startup.
On Thursday, the venture capital firm Portal Ventures revealed on X that it is about to launch a $75 million fund that would be used to invest in pre-seed cryptocurrency firms. According to SEC filings, this will be Portal’s second fund, bringing its total value to $115 million.
In its announcement, Portal clarified that it focuses on ground-level possibilities and emphasizes writing a startup’s “first check.”
We have financed businesses without a whitepaper or PowerPoint, so nothing is too early. We provide sector and founder underwriting. We get our hands dirty to assist with PMF and expand our networks to open doors.
The fund is the most current in a series of recent raises in the industry, albeit being relatively minor in comparison to the hundreds of millions of dollars venture capitalists were able to raise during the peak of the pandemic-era bull market. It coincides with a period of euphoria after Donald Trump’s nomination and a broad market surge.
Proponents of cryptocurrency, such as Chris Dixon and Marc Andreessen of a16z, are among the sponsors of Portal. According to reports, the round was oversubscribed and had a potential valuation of $90 million.
The partners, Evan Fisher and Catrina Wang, used the first $40 million they raised during the early 2022 cryptocurrency frenzy to invest in several bitcoin-related companies. The partners claim that this time they are broadening their scope to include tokenizable commodities, such as uranium and air rights, as well as the necessary infrastructure to do that.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
