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The shift in the crypto fundraising landscape the past 6 months has been insane. Crypto VCs used to have to constantly be networking/writing/podcasting/going on spaces/promoting your thesis/getting on 10 deal flow calls a week, to get into good deals...now it's literally enough to just have capital to write checks. Deals are being pushed rather than dug out. Inbound if people know you have money is at an all-time high. Most firms are either 1) Out of money 2) Moved to Series A and beyond or 3) Fundraising (with no success). Deals that used to close in 2-3 weeks now close in 2-3 months. Firms with questionable business models or copy pasta of the latest trend are getting zero primary or follow-on funding (Good news!). There are now realistically <20 firms writing checks in pre-seed/seed. VCs basically have the pick of any deal they want, with more time to do DD. IMHO 25/26 are going to be historic vintages for those who stick around.

@richardchen39 Who’s investing in contrarian ideas though

We @TiogaCapital are deploying more than ever with a fresh fund (only 10% deployed) that is 2x larger than our 2 previous funds combined. Focus areas across pre-seed, seed, and series A: - RWA: we co-host @rwasummit every year and are among first & biggest investors in @maplefinance, @chaoslabs, @ChronicleLabs, etc. - Perps: we led the first rounds + series A of @Architect_Fi , led first round @extendedapp, were early on Hyperliquid and are active in the ecosystem; 2nd biggest ticket pre-seed @felixprotocol, one of the lead investors in @flyingtulip_ - Frontier tech x crypto (broad): quantum (led first round @shiftfdn), robotics (led seed round @BitRobotNetwork), AI agents If you’re building in any of these verticals, DMs are open. We lead or co-lead ~70% of the rounds where we invest.


We @TiogaCapital are deploying more than ever with a fresh fund (only 10% deployed) that is 2x larger than our 2 previous funds combined. Focus areas across pre-seed, seed, and series A: - RWA: we co-host @rwasummit every year and are among first & biggest investors in @maplefinance, @chaoslabs, @ChronicleLabs, etc. - Perps: we led the first rounds + series A of @Architect_Fi , led first round @extendedapp, were early on Hyperliquid and are active in the ecosystem; 2nd biggest ticket pre-seed @felixprotocol, one of the lead investors in @flyingtulip_ - Frontier tech x crypto (broad): quantum (led first round @shiftfdn), robotics (led seed round @BitRobotNetwork), AI agents If you’re building in any of these verticals, DMs are open. We lead or co-lead ~70% of the rounds where we invest.









