RockawayX, a venture capital firm, has closed its second fund at $125 million, exceeding its initial target of $120 million. The oversubscribed fund will primarily fund merchant projects that are building on the Solana blockchain. The firm began fundraising in March 2023. By Q4 2024 and into Q1 2025, it was able to attract the rest of the required capital.

The firm's first fund focused on Solana-based projects, and RockawayX notably backed Solana Labs' fundraising efforts in 2019. Portfolio companies in their investment portfolio include Kamino Finance, Squads and Switchboard.

RockawayX has already actively deployed around 20% of its new fund. This is a promising mix of pipeline projects like DoubleZero, Exponent, Hyperlend, Silhouette, Fragmetric as well as OnRe. The company is happy to commit 50-75% of the fund, or roughly $64 million to $94 million. They’re going to put this investment to work on early-stage crypto startups building on Solana.

"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. 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." - Viktor Fischer

Viktor Fischer, founder and CEO of RockawayX, underlined the firm’s early support for the Solana ecosystem. Samantha Bohbot is a partner and chief growth officer at RockawayX.

"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." - Samantha Bohbot