Seattle blockchain VC agency Bloccelerate elevating its second fund

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Kate Mitselmakher.

Bloccelerate, a Seattle-area venture capital firm that backs startups building blockchain-related technologies, is raising another fund.

A new SEC filing reveals that the firm raised $20 million of a larger fund.

Kate Mitselmakher, who launched Bloccelerate in 2018 and leads the firm as general partner, declined to comment on the filing.

Bloccelerate raised $12 million for its first fund in 2020. The firm invests in blockchain startups and also provides infrastructure for its portfolio, which include companies such as Stably, ZenLedger, BlockApps, and others.

Venture capital funding to blockchain and Web3 startups appears to be slowing dramatically in the third quarter, TechCrunch reported, amid the downturn for the crypto market and slowdown for venture capital more broadly.

Still, some investors remain bullish on backing startups building blockchain tech such as web3. Silicon Valley heavyweight Andreessen Horowitz announced a $5.5 billion Web3 fund in May, for example, and other firms are also raising new funds.

Mitselmakher, a former executive with Gartner Invest, leads Bloccereate with Sam Yilmaz, general partner and a former managing partner at Decentralized Applications Fund.

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