RockawayX, a Prague-based crypto venture capital firm, has secured a fresh $125 million fund aimed at backing blockchain startups — with half of the capital targeting companies in Europe. The announcement signals growing optimism in the crypto space, especially after a difficult period marked by plunging investments and stricter regulations.
In 2023, global VC funding in crypto dropped dramatically to $4.1 billion, down from $21.2 billion in 2022. Despite this downturn, Europe has emerged as a promising alternative for blockchain entrepreneurs, driven by the EU’s new regulatory clarity under the Markets in Crypto-Assets (MiCA) framework.
In contrast, the United States’ regulatory stance during the Biden administration pushed many founders to explore overseas options. However, with Donald Trump’s return to the political spotlight and friendlier policies toward crypto, some founders are beginning to reverse course.
Still, Samantha Bohbot, partner and chief growth officer at RockawayX, remains confident in Europe’s long-term value.
“Our local network is still yielding us a lot of interesting opportunities here,” she told Sifted. She points to Europe’s strong universities and skilled engineering talent as reasons to remain bullish.
A New Era for European Crypto Venture Capital
RockawayX is one of the few European firms able to raise a sizable crypto-focused fund, a notable achievement given the cautious climate among limited partners (LPs). Investors are still wary of crypto’s volatility, but Bohbot says RockawayX’s strong performance track record helped them gain LP trust. Their first fund delivered a 2.1x distributed-to-paid-in (DPI) — a solid return metric showing how much capital has been returned to investors.
“A lot of crypto venture funds tout the potential for quick liquidity through token launches,” Bohbot said. “That’s possible, but you have to deliver. Managing token positions and returning capital matters.”
European-based crypto VCs are rare, and most don’t match the scale of their U.S. counterparts. While U.S. firms like a16z raise billions for crypto, European players like Bpifrance and Maven11 have raised relatively modest sums — €25M and $107M respectively, both announced just last month.
Even seasoned firms in Europe sometimes struggle. For instance, XAnge, a Franco-German VC, recently wound down its web3 fund after failing to secure enough backers. These hurdles leave space for a dominant player to step up — a role Bohbot believes RockawayX is ready to fill.
“I feel there is a gap for a real dominant firm to emerge here,” she said. RockawayX’s LPs include family offices, private equity firms, and high-net-worth individuals — as well as notable crypto figures like the cofounders of Starkware and Solana.
RockawayX has already made investments in notable European crypto startups such as BCB Group, a London-based crypto banking company, and Morpho, a decentralized finance protocol.
The Future of Crypto in Europe
While Europe may not yet rival the U.S. in crypto venture capital scale, it has a growing edge in regulatory clarity and technical talent. MiCA regulations offer a structured framework that appeals to investors and founders alike. Though some talent has recently migrated to the U.S. following Trump’s political comeback, Europe remains a strong hub for blockchain development.
Bohbot’s optimism signals that the tide may be turning again — this time toward a more stable, well-regulated crypto ecosystem in Europe. And with $125 million now in hand, RockawayX is ready to lead the charge.
