Quick take:
- Rockawayx began raising the funds in March 2024, with a majority of the $125 million secured in Q4 2024 and Q1 2025.
- The new fund is backed by Rockaway Capital, which anchored the firm’s first fund, alongside a mix of family offices, private equity firms, high-net-worth individuals and crypto founders.
- Roughly 20% of the new fund has already been invested into projects including DoubleZero, Exponent, Hyperlend, Silhouette, Fragmetric and OnRe.
RockawayX, a crypto venture firm focused on Solana-based projects has closed its oversubscribed second fund at $125 million. The firm initially planned to raise $120 million, Samantha Bohbot, partner and chief growth officer at RockawayX, told The Block.
The company started raising funds in March 2024, with a majority of the funds, about two-thirds, secured during the past two quarters. According to the announcement, RockawayX plans to maintain its strategy of mainly investing in Solana-based projects with 50-75%, or approximately $64 million to $94 million earmarked for early-stage crypto startups on the network. The remainder of the funds will be invested in decentralized finance (DeFi), infrastructure protocols and decentralized networks, the firm said.
The new fund attracted participation from Rockaway Capital, which anchored the firm’s first fund, alongside a mix of family offices, private equity firms, high-net-worth individuals and crypto founders.
Roughly 20% of the new fund has already been invested into projects including DoubleZero, Exponent, Hyperlend, Silhouette, Fragmetric and OnRe, Bohbot said.
Explaining the firm’s focus on Solana, Bohbot said: “Where other projects may feel like research efforts, Solana operates as a company with a mission to develop the dominant blockchain solution and promote it to builders and institutions.”
The company’s first fund also focused on Solana-based projects, backing Solana Labs’ fundraising in 2019 and investing in the likes of Kamino Finance, Squads, Switchboard and others.
“We’ve been focused on the Solana ecosystem since meeting Anatoly and Raj [Solana co-founders] at the 500 Startups incubator in San Francisco in early 2018,” said Viktor Fischer, founder and CEO of RockawayX. “Rather than investing in more L1s, we focused on building applications on Solana and being the first user for our founders: from providing liquidity, to running solvers and operating hardware services.”
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