# Polychain: portfolio, investments and team

> Polychain is a vc firm based in United States. 152 investments on record, 19 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/polychain (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Polychain

Last cheque observed Oct 2026; 152 cheques on record.

Email

Deploying now New fund $835M, Apr 2026 VC firm

Pre-seed Seed Series A Decentralized Nfts Defi

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Deploying now

**66%** of best year **19** **cheques in 12 months**, 152 on record

Since the last cheque **4** days **00** hrs **00** min **00** sec

Median round **$10M** Cheque size, as they say **$100K – $5.0M** Rounds led **11 of 152** Sole investor **2 rounds** Mostly in **United States, 66%**

Pitch Polychain

## Polychain highlights

- 01 19 cheques in the last 12 months
- 02 Mostly Seed and Venture: 69% of its rounds
- 03 Sole investor in 2 rounds, median $10M

## What they do

> Polychain is an investment firm committed to exceptional returns for investors through actively managed portfolios of these blockchain assets. From their own website

- **Type:** VC firm
- **Cheque size:** $100K – $5.0M as they say
- **Stages:** Pre-seed Seed Series A Series B
- **Sectors:** Decentralized Nfts Defi
- **Based in:** San Francisco, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **152 appearances**

- **2026** 13 rounds
- **Oct** **[Multiliquid](https://millionrounds.com/company/multiliquid)** Seed · Google News search **$8.0M** *Led*
- **Oct** **[Uniform Labs](https://millionrounds.com/company/uniform-labs)** Seed · US · PR Newswire: venture capital **Undisclosed** *Led*
- **Sept** **[Grass](https://millionrounds.com/company/grass)** Venture · IE **$10M** With 3 others
- **Aug** **[Yellow Card](https://millionrounds.com/company/yellow-card)** Series C · NG · Convergence Partners **$40M** With 8 others
- **Jun** **[Digital Asset](https://millionrounds.com/company/digital-asset)** Series F · US · SC Ventures **$355M** With 28 others
- **Jun** **[Vesper Energy](https://millionrounds.com/company/vesper-energy)** Debt · US **$236M** With 1 other
- **Jun** **[Cambrian](https://millionrounds.com/company/cambrian)** Seed · US **$6.0M** With 4 others
- **Jun** **[Power.win](https://millionrounds.com/company/power-win)** Seed · CR **$5.0M** With 1 other
- **May** **[Foundation](https://millionrounds.com/company/foundation)** Venture **$6.4M** With 3 others
- **Apr** **[Polymarket](https://millionrounds.com/company/polymarket)** US · TechStartups **$400M** With 2 others
- **Apr** **[Drift](https://millionrounds.com/company/drift)** Debt · AU **$100M** With 3 others
- **Mar** **[VeryAI](https://millionrounds.com/company/veryai)** Seed · TechStartups **$10M** *Led*
- **Mar** **[Forum Markets](https://millionrounds.com/company/forum-markets)** Debt · US **$10M** With 3 others
- **2025** 27 rounds
- **Dec** **[DAWN (Andrena)](https://millionrounds.com/company/dawn-andrena)** Series B · Ventureburn **$13M** *Led*
- **Dec** **[Cascade](https://millionrounds.com/company/cascade)** US · Ventureburn **$15M** *Led*
- **Dec** **[dawn](https://millionrounds.com/company/dawn)** Series B · US **$13M** With 5 others
- **Dec** **[ETHGas](https://millionrounds.com/company/ethgas)** Seed · HK **$12M** With 4 others
- **Nov** **[Seismic](https://millionrounds.com/company/seismic)** Ventureburn **$10M** With 5 others
- **Nov** **[Tharimmune, Inc.](https://millionrounds.com/company/tharimmune-inc)** US · Ventureburn **$540M** With 7 others
- **Oct** **[Greenlane Holdings](https://millionrounds.com/company/greenlane-holdings)** US · Ventureburn **$110M** *Led*
- **Oct** **[Aria](https://millionrounds.com/company/aria)** Seed · Ventureburn **$15M** With 2 others
- **Oct** **[Tria](https://millionrounds.com/company/tria)** Pre-seed · TechStartups **$12M** With 11 others
- **Oct** **[Grass](https://millionrounds.com/company/grass)** Ventureburn **$10M** *Led*
- **Oct** **[APRO Oracle](https://millionrounds.com/company/apro-oracle)** Venture · SG **Undisclosed** With 4 others
- **Oct** **[Allora Labs](https://millionrounds.com/company/allora-labs)** Venture · US **$35M** With 5 others
- **Sept** **[M0](https://millionrounds.com/company/m0)** Series B · Ventureburn **$40M** *Led*
- **Sept** **[Talus Network](https://millionrounds.com/company/talus-network)** Venture · US **$10M** With 2 others
- **Sept** **[Aria Protocol Labs](https://millionrounds.com/company/aria-protocol-labs)** Seed **$15M** With 2 others
- **Aug** **[Billions Network](https://millionrounds.com/company/billions-network)** Venture · CH **$30M** With 5 others
- **Aug** **[Shrapnel](https://millionrounds.com/company/shrapnel)** Venture · US **$20M** With 2 others
- **Jul** **[Fluent Labs](https://millionrounds.com/company/fluent-labs)** Seed · US **$2.2M** With 1 other
- **Jun** **[EigenLabs](https://millionrounds.com/company/eigenlabs)** Venture · US **$70M** With 4 others
- **May** **[DogeOS](https://millionrounds.com/company/dogeos)** Venture **$6.9M** With 1 other
- **Apr** **[Bagel AI](https://millionrounds.com/company/bagel-ai)** Seed · US **$5.5M** With 7 others
- **Apr** **[Berachain](https://millionrounds.com/company/berachain)** Venture · KY **Undisclosed** With 6 others
- **Mar** **[Warlock Labs](https://millionrounds.com/company/warlock-labs)** Seed · NL **$8.0M** With 2 others
- **Mar** **[Level](https://millionrounds.com/company/level)** Seed · US **$2.6M** With 4 others
- **Feb** **[Fluent Labs](https://millionrounds.com/company/fluent-labs)** Seed · US **$8.0M** With 2 others
- **Feb** **[Vana](https://millionrounds.com/company/vana)** Venture · US **Undisclosed** With 5 others
- **Jan** **[Oshi](https://millionrounds.com/company/oshi)** Seed · SG **$13M** With 4 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **10 named**

JD **John D'Agostino** Director i Filing they signed

JE **Joseph Eagan** Director i Filing they signed

JR **Josh Rosenthal** Director i Filing they signed

MC **Matthew Clifford Perona** Chief Operating Officer i Form ADV

MR **Mitchell Rand Nedved** Chief Financial Officer i Form ADV

MO **Morris Olaf Carlson-Wee** Limited Partner, Chief Investment Officer i Form ADV

OC **Olaf Carlson-Wee** Managing Member of Polychain Opportunity Partners LLC. i Filing they signed

PM **Paras Malde** Director i Filing they signed

RG **Ruby Gurbir Sekhon** Chief Compliance Officer, Chief Legal Officer. i Form ADV

RJ **Ryan Jack Zurrer** Limited Partner i Form ADV

We also hold **12** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$2.9B** assets it manages Oct 2026

**4+** funds on file numbered funds in its name

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Polychain Capital LP
- **SEC number:** CRD 285022

Funds on its Form ADV

**15** private funds, **$4.8B** in gross assets · filed Mar 2024

Private equity **12** Hedge **3**

- Polychain Master Fund I L.P. *Hedge* 428 investors $1.7B
- Polychain Ventures II L.P. *Private equity* 169 investors $881M
- Polychain Ventures L.P. *Private equity* 107 investors $793M
- Polychain Ventures III L.P. *Private equity* 206 investors $433M
- Polychain Ventures II (Parallel) L.P. *Private equity* 47 investors $380M
- Polychain Ventures III (Parallel) L.P. *Private equity* 56 investors $233M
- Polychain Parallel Fund I L.P. *Hedge* 22 investors $160M
- Dfinity Ecosystem Fund L.P. *Private equity* 9 investors $55M
- Polychain Opportunities Fund I LLC - Series CDCX *Private equity* 46 investors $40M
- CELO Ecosystem Fund L.P. *Private equity* 2 investors $38M

And 5 more on the filing.

New fund on file

**$835M**

raised in Apr 2026

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$10M** the round, not its cheque Alone, median **$10M**

Led 11 of 152 rounds **7%**

- **Said size:** $100K – $5.0M
- **Sole investor:** 2 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Seed said *58*
- Venture *26*
- Series A said *26*
- Token sale *7*
- Debt *5*
- Pre-seed said *-*
- Series B said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Y Combinator](https://millionrounds.com/fund/y-combinator) 124
- [Coinbase Ventures](https://millionrounds.com/fund/coinbase) 23
- [Robot Ventures](https://millionrounds.com/fund/robot-ventures) 13
- [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 11
- [Hack VC](https://millionrounds.com/fund/hack-vc) 10
- [YZi Labs](https://millionrounds.com/fund/yzi-labs) 10

**Pitching Polychain?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Polychain. A count of rooms they were both in, not a relationship either has claimed.

[**Y Combinator** Accelerator **124** rounds together](https://millionrounds.com/fund/y-combinator)[**Coinbase Ventures** Corporate VC **23** rounds together](https://millionrounds.com/fund/coinbase)[**Robot Ventures** VC firm **13** rounds together](https://millionrounds.com/fund/robot-ventures)[**Andreessen Horowitz** VC firm **11** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Hack VC** VC firm **10** rounds together](https://millionrounds.com/fund/hack-vc)[**YZi Labs** VC firm **10** rounds together](https://millionrounds.com/fund/yzi-labs)[**Blockchain Capital** VC firm **9** rounds together](https://millionrounds.com/fund/blockchain-capital)[**Lemniscap** VC firm **9** rounds together](https://millionrounds.com/fund/lemniscap)[**ParaFi Capital** VC firm **9** rounds together](https://millionrounds.com/fund/parafi)[**CMT Digital** VC firm **7** rounds together](https://millionrounds.com/fund/cmt-digital)[**Dragonfly Capital Partners** VC firm **7** rounds together](https://millionrounds.com/fund/dragonfly-capital-partners)[**LongHash Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/longhash-ventures)

## Recently backed

The latest companies Polychain put money into.

[**Grass** $10M · Sept 2026](https://millionrounds.com/company/grass)[**Yellow Card** $40M · Aug 2026](https://millionrounds.com/company/yellow-card)[**Digital Asset** $355M · Jun 2026](https://millionrounds.com/company/digital-asset)[**Vesper Energy** $236M · Jun 2026](https://millionrounds.com/company/vesper-energy)[**Cambrian** $6.0M · Jun 2026](https://millionrounds.com/company/cambrian)[**Power.win** $5.0M · Jun 2026](https://millionrounds.com/company/power-win)

## On podcasts

2 episodes naming Polychain in the title, and 4 more that mention it.

- [Upfront Ventures](https://millionrounds.com/podcasts/upfront-ventures) 22 Mar 2024 · 23 min The Bull Case for Crypto in 2024 with Olaf Carlson-Wee of Polychain Capital | 2024 Upfront Summit With [Olaf Carlson-Wee](https://millionrounds.com/person/olaf-carlson-wee) Mentions [Polychain](https://millionrounds.com/fund/polychain) Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 11 Dec 2017 · 27 min 20VC: Inside The World's Leading Crypto Fund, The Future Exit Environment for Crypto Assets & The Beauty Of Benevolent Dictatorship with Olaf Carlson-Wee, Founder @ Polychain Capital With [Olaf Carlson-Wee](https://millionrounds.com/person/olaf-carlson-wee) Mentions [Polychain](https://millionrounds.com/fund/polychain)[Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz)[Founders Fund](https://millionrounds.com/fund/founders-fund) Apple PodcastsShow page

### Mentioned in

- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 8 Aug 2022 · 49 min 20VC: Investing Lessons from Fred Wilson and Why Small Funds Outperform Large Funds | Why the Secret to Winning in Venture is Splitting Deals |Learnings From the Biggest Hits and Biggest Losses | Why Anyone That Always Does Their Pro-Rata is Wrong with Mo Apple PodcastsShow page
- [Capital Allocators](https://millionrounds.com/podcasts/capital-allocators) 23 Jun 2022 · 59 min Olaf Carlson-Wee – The Future of Crypto (EP.257, Crypto for Institutions 2 – EP.04) Apple PodcastsShow page
- [Inevitable](https://millionrounds.com/podcasts/inevitable) 11 Oct 2021 · 48 min Ep. 178: Chase Lochmiller, Co-Founder & CEO of Crusoe Energy Apple PodcastsShow page
- [Acquired](https://millionrounds.com/podcasts/acquired) 19 Jul 2021 · 1h 6m Special: Solana (with CEO Anatoly Yakovenko) Apple PodcastsShow page

## Quick answers about Polychain

### What does Polychain invest in?

Polychain invests most often at Seed and Venture (69% of the rounds on record), in sectors such as Decentralized, Nfts and Defi.

### How active is Polychain?

152 investments on record, 19 of them in the last 12 months, and it led 11. The most recent was in Oct 2026.

### What has Polychain invested in recently?

Its most recent investments on record: Multiliquid (Seed, Oct 2026), Uniform Labs (Seed, Oct 2026) and Grass (Venture, Sept 2026).

### How big are Polychain's cheques?

The median round it joins is $10M. It says it writes cheques of $100K to $5.0M.

### Does Polychain lead rounds?

Sometimes: it led 11 of its 152 investments on record (7%).

### Where does Polychain invest?

Most of the companies it backs are in the United States (66%) and Singapore (7%).

### Is Polychain investing now?

Yes: it is actively investing, with 19 investments in the last 12 months.

### Who does Polychain invest alongside?

Most often Y Combinator (124 rounds together), Coinbase Ventures (23 rounds together) and Robot Ventures (13 rounds together).

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