RockawayX Launches $125M Fund for Solana Startups Amid Global Crypto Funding Decline

RockawayX, a venture capital firm based in Prague, has introduced a $125 million fund designed to support early-stage crypto startups within the Solana ecosystem. This move comes during a period when global crypto venture funding is on the decline. RockawayX, which initially backed Solana in 2018, has since expanded to manage approximately $2 billion in assets. The firm operates data centers in Prague, Dubai, and London, with a team of 45, two-thirds of whom are engineers.

The new fund, finalized in the first quarter of 2025, will allocate about two-thirds of its capital to seed-stage investments, while the remaining capital will be kept in liquid, income-generating assets. RockawayX's strategy involves acting as a primary user for founders, providing liquidity, hardware, and operational support. This hands-on approach has proven successful, with their 2021 fund achieving more than double the investor returns and currently valued over five times its original capital due to early investments in Solana, Maker, and Morpho.

Founder and CEO Victor Fischer highlights an increasing demand for on-chain yield as stablecoin usage rises. RockawayX manages a $100 million on-chain credit pool that yields around 12% annually. Fischer emphasizes Solana’s potential as a yield-generating platform, with a high staking rate of nearly 65% of all SOL, compared to 28% of ETH on Ethereum. While this means fewer SOL tokens are available for lending and DeFi applications, it underscores the strong incentives for users on Solana.

RockawayX has invested in over 15 projects within the Solana ecosystem and will launch “Solana City,” a Dubai-based accelerator hub, on May 1, in partnership with the Solana Foundation and Helius Labs. This hub aims to foster innovation and development within the Solana ecosystem by providing resources and support to early-stage startups.

The launch of this fund is a significant boost for Solana startups, providing them with the necessary capital and support to grow and innovate. RockawayX's focus on yield-generating projects and its hands-on approach to supporting founders positions it as a key player in the Solana ecosystem. The firm's success in achieving high returns for investors and its strategic investments in Solana, Maker, and Morpho demonstrate its expertise and commitment to the crypto industry.