Pennybacker Capital Raises $700 Million in New Capital Commitments

Pennybacker Capital, an engineering-led early-stage venture firm specializing in companies and protocols uniquely enabled by cryptography and distributed systems, has successfully raised $700,000,000 in new investment capital from investors. This significant funding round will bolster the firm's capacity to continue backing innovative projects within the rapidly evolving digital asset ecosystem. Founded in 2018, Pennybacker Capital has established itself as a focused investor in the foundational technologies of the web3 space. Its team comprises 30 professionals, notably including 61% engineers and 35% former founders, reflecting its technical-first approach to venture capital. The firm currently manages over $3 billion across five funds and several special purpose vehicles, demonstrating its significant presence in the market prior to this new capital infusion. The newly secured $700 million will be deployed to expand Pennybacker Capital's investment activities and support the growth of its existing and future portfolio companies. The firm plans to use these funds to identify and invest in early-stage ventures that leverage distributed systems and cryptography to create disruptive technologies. Pennybacker Capital’s current portfolio includes industry leaders such as Aven, Bitnomial, Bitwise, EigenLayer, Ellipsis, Kraken, Layer3, Magic Eden, SF Compute, Solana, Spruce, and Squads. With offices in San Francisco, New York, and Toronto, Pennybacker Capital is strategically positioned to tap into global innovation hubs. This capital raise underscores the firm's continued commitment to fostering the development of the next generation of cryptographic and distributed systems technologies. The firm anticipates this additional funding will accelerate its mission to invest in and nurture the companies shaping the future of decentralized applications and infrastructure.