MetaStable has received investments from Sequoia Capital, Union Square Ventures, and Founders Fund, while Polychain counts Andreessen Horowitz and Union Square Ventures among its numerous investors.
Even so, some ICOs are beginning to see direct venture investments, typically via SAFT (Simple Agreement for Future Tokens) agreements. Filecoin sold tokens to accredited investors and VCs in its $52M August 2017 pre-sale, which saw participation from Sequoia Capital, Andreessen Horowitz, and Union Square Ventures.