Portal Ventures, a New York-based venture firm, has successfully closed its second fund, securing $75 million to invest in pre-seed Web3 startups. The fund received support from prominent investors like Marc Andreessen and Chris Dixon of a16z, as well as funds of funds such as Accolade Partners, Theta Capital, and CrossLayer Capital. Portal Ventures prides itself on backing crypto startups at the earliest stages, even before the development of a white paper or pitch deck. Their portfolio includes companies like Plume Network and Arch, focusing on real-world asset tokenization and crypto lending. The firm's investment strategy revolves around supporting one founder per category, with a strong focus on Bitcoin programmability, decentralized infrastructure, and maximal extractable value business models. Despite a slight decline in overall investment in the crypto space, early-stage funding remains robust, with angel, pre-seed, and seed rounds dominating the investment landscape. Read more AI-generated news on: https://app.chaingpt.org/news