Portal Ventures raises $75M for pre-seed crypto fund
Portal Ventures has closed its second fund, raising $75 million to invest in pre-seed Web3 startups. Investors include Marc Andreessen and Chris Dixon from a16z, along with Accolade Partners, Theta Capital, and CrossLayer Capital. The firm, based in New York City, has a history of investing in crypto startups prior to formal proposals. Its portfolio features companies like Plume Network and Arch. The fund focuses on one founder per category, emphasizing Bitcoin programmability, decentralized infrastructure (DePIN), and maximal extractable value (MEV) business models. Despite a 20% decline in total investment in Q3 2024, early-stage funding remains strong, with angel, pre-seed, and seed rounds comprising 85% of capital in crypto startups. Year-to-date, venture capitalists have invested $8 billion in the sector, maintaining momentum from 2023.
