Bloccelerate, a Seattle-based blockchain VC company, raises its second fund

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Bloccelerate is a Seattle-based venture capital firm that supports startups using blockchain-related technology.

A new SEC file shows that the firm raised $20 Million of a larger fund.

Kate Mitselmakher is the founder of Bloccelerate and serves as the general partner.

Bloccelerate has raised $12 million to fund its first fund in 2020. The firm invests in startups using blockchain technology and provides infrastructure to its portfolio which includes companies like Stably, ZenLedger and BlockApps.

Read more The IIT Bombay scientist turned entrepreneur

Economic pitch reported that venture capital funding for blockchain and Web3 startups seems to have slowed dramatically in the third quarter. This is despite the downturn in the crypto market, and the slowdown for venture capital generally.

Some investors are still bullish about backing startups that build blockchain tech like web3. Andreessen Horowitz , a Silicon Valley heavyweight, announced a $5.5 Billion Web3 fund in May. Other companies are also seeking new funds.

Mitselmakher is a former executive at Gartner Invest and leads Bloccereate alongside Sam Yilmaz as general partner. He was also a former managing director at Decentralized Applications Fund.

Read more Seattle an investment banking institution Cascadia Capital signs

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