Gate News update. On April 13, Varys Capital’s venture capital investment chief Tom Dunleavy posted on X analyzing that over the past six months, the funding environment for crypto VC has changed significantly. Previously, VC needed to proactively expand its network, participate in podcasts, and publicize its investment logic to access high-quality projects; now, as long as you have money on hand, projects will come looking for you.
Tom Dunleavy pointed out that most VC firms are currently in one of three states: out of funds, shifting to later-stage investments (A round and beyond), or actively raising funds but with no smooth progress. The fundraising cycle has also been extended from the previous 2–3 weeks to 2–3 months. For projects whose business models are in doubt or simply copy hot narrative themes, it has already become difficult to secure new funding or subsequent follow-on investments.
He said that in reality, the number of institutions still doing pre-seed/seed round investments may be fewer than 20. VC can now choose projects at ease and has more time to conduct due diligence. He believes that the investment cycles in 2025 and 2026 could become once-in-a-generation investment opportunities, provided that VC can manage to stay in the game.
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