Portal Ventures has successfully closed its second fund, raising $75 million to invest in pre-seed rounds for Web3 startups. The fund boasts investments from prominent figures such as Marc Andreessen and Chris Dixon of a16z, as well as funds from Accolade Partners, Theta Capital, and CrossLayer Capital. Based in New York City, Portal Ventures emphasizes funding for single founders in each category, prioritizing areas like Bitcoin programmability, decentralized infrastructure (DePIN), and maximal extractable value (MEV) business models. Recent months have seen increased efforts from various venture firms to establish funds geared toward blockchain startups, with a general trend toward early-stage investments remaining steady despite a 20% decline in total investments in Q3 2024. Year-to-date, venture capitalists have invested around $8 billion in crypto startups, signaling a robust interest in early-stage funding within the blockchain sector.

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