Key Takeaways
- • RockawayX, a crypto venture capital firm managing over $2 billion in assets, closed its second fund with $125 million in capital, following a first fund of $120 million focused on the Solana ecosystem.
- • The firm plans to allocate 50% to 75% of the new fund ($62–$94 million) to Solana-based projects, citing the blockchain's technical advantages in speed, cost, and developer experience compared to Ethereum.
- • RockawayX employs an engineering-first investment strategy, operating validators from European data centers and building protocol-ready hardware tools including optimized GPUs, positioning itself as an active operator rather than passive capital provider.
- • The firm's investment thesis centers on Solana's product-driven approach and institutional adoption potential; it has backed Solana Labs (2019), Kamino Finance, Squads, and Switchboard across its two funds.
- • RockawayX founder and CEO Viktor Fischer has maintained focus on the Solana ecosystem since 2018, when the firm connected with Solana co-founders Anatoly and Raj at the 500 Startups incubator in San Francisco.
Summary
The allocation reflects RockawayX's conviction that Solana offers material technical advantages over competing Layer 1 blockchains, particularly Ethereum. According to Samantha Bohbot, partner and chief growth officer at RockawayX, Solana distinguishes itself through superior speed, lower transaction costs, developer accessibility, and a product-focused organizational approach. "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," Bohbot said in an interview with The Block.
RockawayX's first fund, which raised $120 million, similarly prioritized Solana exposure. Early bets included participation in Solana Labs' 2019 funding round and subsequent investments in Kamino Finance, Squads, Switchboard, and other Solana-native protocols. This track record underscores the firm's long-standing conviction in the ecosystem dating to 2018, when founder and CEO Viktor Fischer connected with Solana co-founders Anatoly and Raj at the 500 Startups incubator in San Francisco.
The firm's investment model extends beyond capital provision. RockawayX operates as an engineering-first investor, running blockchain validators from its own European data centers and developing protocol-ready hardware tools such as optimized GPUs. This hands-on operational approach positions the firm as an active participant in the networks it supports, providing liquidity, operating solver infrastructure, and delivering specialized hardware services to portfolio companies—a differentiation strategy that appeals to founders seeking strategic value beyond dry powder.
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