San Francisco-based Blockchain Capital’s portfolio already includes fintech companies such as Coinbase, Ripple, Circle, and Kraken. It has long been one of the blockchain industry’s leading firms, investing in 72 companies, tokens and protocols since it was founded in 2013.
This recent round is Blockchain Capital’s largest to date. It came in two parts: $125 million for the Blockchain Capital IV LP fund and $25 million worth of cryptocurrency for Blockchain Capital Parallel Fund IV. It did not disclose what kind of tokens the latter fund accepted, just that it only takes crypto.
Co-founder and managing partner Bart Stephens told that firm is especially interested in non-fungible tokens, like the virtual pet game CryptoKitties, as well as diverse blockchain solutions. He said:
“You’re going to see us continue to invest globally in the leading crypto companies, but also kind of the next generation of entrepreneurs and sectors outside of financial services. We’ve made investments in healthcare companies, in logistics companies, in identity management. To date we’ve seen a lot of focus on financial services and we really see that broadening.”
Bitcoin developer Jimmy Song gave the firm an additional reputation boost when he joined as the newest venture partner in January. Song told in the following weeks he also plans to launch a fellowship program or residency to fund volunteer bitcoin coders. Stephens confirmed there will soon be announcements regarding opportunities at the firm’s initiative Platypus Labs.
“We really focus on the engineering team,” Stephens said, describing what the firm looks for in prospective projects. “It’s a lot of the developers that are the rock stars in this community…It’s not just about finding the best investments, but also about moving the industry forward.”