Portal Ventures Raises $75 Million for Oversubscribed Second Fund
Portal Ventures announced it raised $75 million for its oversubscribed second fund, with potential total reaching over $90 million. Founders Evan Fisher and Catrina Wang highlighted strong demand for the fund, which focuses on pre-seed investments and supports only one project per category.
The firm’s strategy combines three elements: identifying the best founders, exploring emerging theses, and leveraging their network effectively. Fisher emphasized the significance of being a founder's first supporter in executing an idea.
The first fund, launched in early 2022, faced challenges amidst the collapse of FTX and the depegging of Terra’s algorithmic stablecoin. The current fundraising environment is more favorable as they seek to deploy their larger second fund, compared to the first fund's $40 million size. Fisher noted their approach aims to generate meaningful insights for the industry.
Other notable news:
- Notabene raised $14.5 million in a Series B round with participation from Apollo, Nextblock, and Wintermute.
- Arca announced a merger with Blocktower.
- Alluvial raised $4.3 million in a round led by Variant, with participation from Brevan Howard Digital, Ethereal Ventures, and F-Prime Capital.
- Kaiko acquired Vinter, Europe's largest crypto index provider, for an undisclosed amount.
- Eidon raised $3.5 million in a seed round led by Framework Ventures, with participation from Cyberfund.