Polychain Capital

Polychain Capital is a San Francisco-based cryptocurrency investment firm founded in 2016 by Olaf Carlson-Wee, who was previously the first employee and Head of Risk at Coinbase. The firm combines early-stage venture capital investing with liquid hedge fund strategies, backing native protocols, decentralized networks, and crypto infrastructure companies worldwide. As of 2024, Polychain Capital managed approximately $5 billion in assets.

Investment scope and notable portfolio

The firm backs projects from seed through growth stages, often acting as the lead investor. In 2019, it closed Polyventures II at $300 million, later distributing capital from the vehicle in May 2024. Its early crypto investments include early backing for Coinbase and Tezos, along with early rounds in Layer 1 networks such as Solana and Avalanche. In decentralized finance and Web3 infrastructure, Polychain Capital led Uniswap's $165 million Series B round in October 2022, Axelar's $25 million Series A in July 2021, and Maple Finance's $1.4 million round in March 2021.

Recent activity

Polychain Capital has sustained its focus on staking architecture, scaling protocols, and decentralized intelligence. The firm participated in EigenLayer's $50 million Series A round in March 2023, led Manta Network's $25 million Series A round in July 2023, and led Babylon's $18 million Series A round in December 2023 to support native Bitcoin staking. In 2024, the firm led a $12 million Series A for Hyperbolic, backed Sahara AI's $43 million Series A, and led an $8 million seed round for Multiliquid in October 2026.