RockawayX, an early investor in Solana, has announced raising $125 million for its second early-stage crypto venture fund, closing the oversubscribed round in the first quarter of 2025.
The global digital asset investment firm, which manages about $2 billion in assets, attributed the strong demand to its track record of returning cash to investors and a focused strategy within the Solana ecosystem.
RockawayX’s 2021 debut fund delivered a 2.1 times distribution to paid-in capital (DPI) and a 5.4 times multiple on invested capital (MOIC), backing winners such as Solana, Wintermute and Morpho Labs.
That performance stands in contrast to a broader crypto venture climate that has struggled to deliver meaningful returns, according to market observers.
The firm concentrates its venture investing on three core areas. First, it deepens exposure to Solana-based opportunities, having seeded more than 15 projects including Kamino Finance, Squads, Fragmetric, Switchboard and DoubleZero.
It plans to launch the Solana City accelerator hub in Dubai in partnership with the Solana Foundation and Helius Labs to further support founders.
Second, RockawayX backs decentralised finance (DeFi) and infrastructure protocols. Its yield arm acts as a primary liquidity provider, while a dedicated on-chain market-making division powers leading applications such as Wormhole, 1inch, Mayan and DeBridge.
Securing initial liquidity remains critical for Web3 projects amid a challenging fundraising environment.
Third, the firm invests in decentralised network infrastructure, providing specialised hardware and operating validators from data centres it owns in Europe.
It is a core contributor to DoubleZero’s effort to build a “new internet” for blockchains, erecting cable lines linking Frankfurt to Prague as part of a broader European network rollout.
With a team of more than 45 investment professionals, researchers and engineers, RockawayX combines on-chain trading strategies, protocol bootstrapping and middleware development.
The firm’s integrated model aims to engineer scalable infrastructure and liquidity solutions at every layer of the blockchain stack, per the announcement.
