Bloccelerate VC Raises $12M Fund to Bet on Enterprise Blockchain Adoption

Seattle-based venture capital firm Bloccelerate closed a $12 million fund on Nov. 30 to bet on both enterprise blockchain adoption and Ethereum-based financial applications.

The firm’s general partners, Kate Mitselmakher and Sam Yilmaz, told CoinDesk in a call the fund will allocate 80% of its equity investing in the infrastructures enabling enterprise adoption, with examples such as trading platforms, custody solutions, wallets and insurance providers. The other 20% will be invested in tokens of protocols.

“The last 10 years of blockchain were primarily about the adoption of cryptocurrencies in the retail context,” said Mitselmakher, “and we’re at the tail end of that phase getting to mainstream adoption.”

The fund has already deployed capital into BlockApps, Symbiont, Hedera Hashgraph, MakerDAO and Ethereum. 

The VC’s investment thesis focuses on use cases that engender consensus among multiple stakeholders who do not necessarily know or trust each other, Yilmaz said.

Over the next few years, Bloccelerate plans to deploy capital into 10-15 ventures in the blockchain space, investing in seed, Series A, and Series B rounds through its main fund. 

Bloccelerate has 45 investors in the fund, Mitselmakher and Yilmaz said, from a mixture of family offices, high-net-worth individuals and corporate investors though they declined to disclose names.