Blockchain Capital is raising $700M for 2 new funds: Report

Crypto-focused venture capital firm Blockchain Capital is in the process of raising another $700 million for two new funds, according to Bloomberg, citing a person familiar with the matter.

The firm is raising capital for its seventh early-stage fund aimed at experimental or early-stage projects as well as a second growth fund, which covers more mature companies that already have some traction, Bloomberg reported on Tuesday.

Blockchain Capital previously raised a total of $1 billion for crypto investments, the source said. The new funding rounds are expected to be completed in the next six months, but the firm has already begun deploying some of the new capital.

Venture capital funds are responsible for investing in crypto startups. Blockchain Capital has more than $2 billion in assets under management and has invested in crypto exchanges Kraken and Coinbase, and stablecoin issuers Circle and Tether.

Cointelegraph has contacted Blockchain Capital for comment.

Average fundraising deal size up 50% in the past 30 days

Despite a crypto market slump, the average crypto funding deal size is up nearly 50% over the last 30 days, according to market intelligence platform Messari.

The average crypto funding deal size is up nearly 50% over the past 30 days. Source: Messari

However, crypto projects have raised only $466 million so far in April, down from $3 billion in March, with Bitcoin miner and artificial intelligence infrastructure company Core Scientific's $1 billion debt financing through investment bank Morgan Stanley the largest deal of the month.

“Capital concentration is heavily skewed by debt and late-stage mega-rounds, masking a more modest median deal size,” Messari analysts said.

“While total capital inflows were bolstered by massive transactions like Core Scientific’s $1 billion post-IPO debt financing and Polymarket’s $600 million undisclosed round, the majority of activity remains in the sub-$10 million range,” they added.