Portal Ventures has successfully closed its second fund, securing $75 million to fuel pre-seed Web3 startups. Notable backers include a16z's Marc Andreessen and Chris Dixon, alongside funds like Accolade Partners. Based in NYC, Portal Ventures focuses on Bitcoin programmability and decentralized infrastructure, investing in one founder per category.

Despite a 20% dip in total investments last quarter, early-stage funding remains strong, with angel, pre-seed, and seed rounds making up 85% of investments. Year-to-date, $8 billion has been funneled into crypto startups, potentially matching 2023's figures.