Enyne ring closing metathesis has been used to synthesize functional group carrying metathesis catalysts from a commercial (Ru-benzylidene) Grubbs' catalysts. The new Grubbs-type ruthenium carbene was used to synthesize living heterotelechelic ROMP polymers without any intermediate purification. Olefin metathesis with a mono substituted alkyne followed by ring closing metathesis with an allylic ether provided efficient access to new functional group carrying metathesis catalysts. Different functional benzylidene and alkylidene derivatives have been investigated in the synthesis of heterotelechelic polymers in one pot.