Portal Ventures, a London-based crypto-focused investment firm, is establishing itself as a significant player in funding pre-seed crypto startups. Known for its proactive approach, Portal aims to lead funding rounds before a project reaches mainstream attention, as they have done for several emerging crypto startups.
Led by General Partners Evan Fisher and Catrina Wang, Portal Ventures focuses on identifying and supporting startups with strong growth potential in the evolving blockchain space. With a recent oversubscribed funding round for its second fund capped at $75 million, Portal Ventures is expanding its portfolio of early-stage investments while emphasising a disciplined approach to long-term growth in the crypto market.
Just a while back, we had delivered an article about a startup called Tangible, which raised £4M to bridge funding gap for climate hardware companies. It’s a good read too.
What kind of startup does Portal Ventures target
Portal Ventures prioritises a proactive, research-based investment approach, specializing in “first-check” investments for projects that may not yet have substantial documentation, such as a whitepaper or a pitch deck.
Portal’s investment strategy is based on sector foresight and identifying founder excellence, allowing them to support startups that are still in nascent stages. Portal’s focus lies not only in finding promising crypto projects but also in shaping them into notable names within the industry.
This approach is demonstrated through their early investment in projects like Arch Network, which drew on Portal’s unique “Bitcoin Renaissance” thesis. When Arch’s founders approached Portal GP Catrina Wang, it was due to her previous thought leadership on Bitcoin, particularly through her article on “The Panda Renaissance.”
Wang’s insight into enabling programmable and bridgeless experiences on Bitcoin helped establish Arch Network as a category leader in this area, attracting follow-up funding led by Multicoin and additional backing from investors like OKX and Jason Choi.
What kind of portfolio success and sector-specific focus does the venture have
Portal Ventures’ portfolio includes several pre-seed investments that later secured significant funding from leading VC firms. Some examples include:
Blueprint: Initially funded by Portal, with follow-up investments from Tribe, Hashed, and Polychain for its Series A round.
Plume: Secured a seed round led by Haun Ventures after Portal’s initial investment.
Rome: Gained seed support from Hack VC.
ExaBITS: Received additional funding from Hack VC after Portal’s early involvement.
Portal Ventures’ strategy includes supporting only one project per category with “high conviction.” This focused, single-investment approach allows Portal to concentrate its resources and expertise on fostering the success of a specific company in a chosen sector.
How Portal identifies crypto trends before they go mainstream
Portal’s investment approach involves rigorous market analysis and thesis-driven research, helping them identify promising crypto trends six to twelve months before they become widely recognised.
In addition to anticipating the “Bitcoin Renaissance,” Portal has published several influential research pieces that have set trends in the crypto industry, including analyses on Maximal Extractable Value (MEV), decentralised data storage (DePIN), and the intersection of AI and Web3.
The firm’s general partners bring expertise from a variety of fields, blending insights from traditional finance and tech with crypto-specific knowledge. Evan Fisher’s background in venture capital at Insight Partners and Wang’s experience with Web2 and Web3 companies like Protocol Labs and Hivemind Capital equip them to advise their portfolio companies effectively.
This experience has been instrumental in bridging the gap between traditional finance perspectives and the emerging crypto market.
Portal Ventures follows a “full-stack GP model,” where the general partners manage the entire investment process, from initial research to post-investment support. This hands-on approach offers founders direct access to Portal’s GPs, enhancing trust and collaboration. Founders appreciate this model, as it provides them with continuous guidance from Portal’s leadership team throughout the critical early stages of development.
This comprehensive support model is reflected in their early-stage guidance for founders, which includes strategic assistance for business operations, product development, and go-to-market strategies. For example, Portal actively helps founders refine their market approach within the first 60-90 days after funding, a crucial period for setting up the business for long-term success.
Strategic deployment during market cycles
Since its inception in early 2022, Portal Ventures has maintained a disciplined approach to investment, avoiding high valuations that characterised much of the 2022 market. As Fisher stated in an LP letter, he saw better opportunities in the bear market of 2023 and adjusted Portal’s investment strategy accordingly. This approach has resonated with their LPs, who value Portal’s conservative and patient investment strategy.
Approximately 10% of Portal’s first fund was deployed throughout 2022, with the majority of the fund being allocated in 2023. This shift in strategy allowed Portal to capitalize on market conditions that offered favorable entry points into promising crypto projects.
Here are the key insights and future plans the VC has
Portal Ventures is positioned to play a significant role in shaping the future of the crypto investment landscape. The firm has garnered support from several blue-chip LPs, including crypto funds-of-funds such as Accolade, Theta, and Crosslayer, and notable investors like Henry Kravis, Marc Andreessen, and Chris Dixon.
Their disciplined approach and extensive thought leadership have positioned Portal Ventures as a trusted investment partner, enabling them to engage deeply with the crypto space from both an investment and a strategic perspective.
Portal’s plans include expanding their network of founders and continuing to explore emerging sectors within the crypto market. By maintaining a focus on long-term growth and sustainable business models, Portal aims to contribute to the evolution of crypto as a mature asset class, driven by institutional-grade investment strategies and forward-looking research.
What do we think about this update
Portal Ventures represents a unique approach in the venture capital landscape, particularly within the crypto space. Its focus on early-stage investments, combined with a hands-on partnership model and a strong research foundation, sets it apart as an influential player in developing pre-seed crypto startups.
By anticipating market trends, maintaining a single-project focus per sector, and providing founders with direct access to its GPs, Portal is poised to continue identifying and fostering growth in emerging crypto sectors. Their approach aligns with the firm’s long-term vision of transforming the crypto industry from an evolving field to a recognised asset class backed by a strategic, disciplined investment approach.
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