AWeb3VC - Funding Round Up #80

🗓️ Week of: Jul 7-13, 2024

Also be sure to follow me on X @aweb3vc 🚀

(See "Funding Rounds" section for the complete list of deals)

$394M+ was raised across 29 funding rounds in Web3. While this week was largely driven by a public markets deal (Core Scientific’s $260 million note conversion), overall deal flow appeared to slow a bit due to summer seasonality. It's too early to tell whether the recent slip in crypto markets will have a continued effect on the funding environment within Web3. However, the political and regulatory environment around digital assets, specifically within the U.S., is forecasting an optimistic future, which could continue to provide investors with a positive outlook for the remainder of 2024.

🏆 Largest Funding Round

➡️ Core Scientific announced a mandatory conversion of its outstanding Secured Convertible Notes, which were originally issued in 2024. The conversion occurred after the company’s stock price exceeded an applicable threshold over twenty consecutive trading days. This resulted in the elimination of $260 million of debt from the company’s balance sheet. Core Scientific is publicly listed on NASDAQ under the ticker CORZ.

Core Scientific is one of the largest owners and operators of high-powered digital infrastructure for bitcoin mining and hosting services in North America. The company specializes in transforming energy into high-value compute efficiently at scale. This allows them to employ their own large fleet of mining hardware to earn bitcoin for their own account through self-mining and provide hosting services for other large bitcoin miners and high-performance computing customers. The company operates eight data centers across the U.S. and derives a majority of its revenue from earning bitcoin through self-mining.

Why this matters?👉The deal highlights the significant progress Core Scientific has made since emerging from bankruptcy earlier this year. As noted in last week's coverage, with the rising price of BTC and the halving earlier this year, 2024 has marked a wave of restructuring and funding across the mining segment. While alleviating previous debt loads, miners continue to strengthen their balance sheets to support ongoing capital expenditures. This includes investing in new high-performance mining equipment and chips while also expanding compute capacity into other segments, including AI.

💸 Funding Rounds

Top 15 Rounds

Want access to our complete? Sign-up here so I can notify you when the dataset becomes available to share. Also don’t hesitate to drop me a line to say hi: [email protected]

All Rounds

Questflow - Seed ($1.5M) | Decentralized AI agentic workflow network that orchestrates multi-agents to take action on autopilot: https://www.questflow.ai/

Maalexi - Strategic ($1.0M) | Cross-border trade platform for agribusinesses: https://www.maalexi.com/

Demether - Seed (Not Disclosed) | DeFi protocol designed to unifiy and mobilizes capital: https://www.demether.io/

Ampleforth - Strategic ($1.0M) | Developer of SPOT, a flatcoin providing decentralized low-volatility commodity-based money: https://www.spot.cash/

idOS - Seed ($4.5M) | Open-source, composable, and chain-agnostic decentralized identity solution across the Web3 space: https://idos.network/

Core Scientific - Convertible Note ($260.0M) | One of the largest blockchain computing data center providers and miners of digital assets in North America, using its facilities and intellectual property portfolio for co-located and self-mining of digital asset: https://corescientific.com/

Term Labs - Seed+ ($5.5M) | Lending and borrowing platform that enables fixed-rate term loans to be issued through on-chain auctions: https://termfinance.io/

Rome Protocol - Seed ($9.0M) | Shared sequencer network leveraging Solana: https://www.romeprotocol.com/

Satoshi Protocol - Seed ($2.0M) | Developer of SAT, a Bitcoin-collateralized stablecoin, using collateralized debt positions and enabled by BEVM: https://satoshiprotocol.org/

Trusta Labs - Strategic (Not Disclosed) | AI-powered identity and reputation layer for Web3: https://www.trustalabs.ai/

BublleAI - Strategic (Not Disclosed) | Decentralized transaction aggregator and data analysis platform enabled by AI: https://bubbleai.xyz/

Tokinvest - Seed ($0.5M) | Marketplace that connects real-world asset issuers with investors globally: https://tokinvest.capital/

Kulipa - Seed ($3.0M) | Payment and cards platform enabled for non-custodial wallets: https://www.kulipa.xyz/

Idle Finance - Seed+ ($1.1M) | On-chain credit and yield aggregation platform providing automation and hedging tools for decentralized finance: https://idle.finance/

Omega - Grant (Not Disclosed) | Modular DeFi infrastructure for omnichain and Bitcoin: https://www.omega.xyz/

BOB (aka. Build on Bitcoin) - Strategic ($1.6M) | Bitcoin Layer 2 network with Ethereum Virtual Machine (EVM) compatibility: https://www.gobob.xyz/

Dora - Seed ($5.5M) | Unified multi-chain search engine and explorer: https://www.ondora.xyz/

ThirdFi - Private Sale ($2.0M) | DeFi infrastructure middleware enabled by AI: https://www.thirdfi.org/

Bluwhale - Strategic (Not Disclosed) | Web3 wallet analytics tool leveraging personalized AI and contextual data: https://www.bluwhale.com/

Tread Labs - Seed ($3.5M) | Institutional algorithmic trading infrastructure and platform for digital assets: https://www.tread.fi/

RECRD - Seed ($4.0M) | Short form content and creator monetization platform built on SUI: https://www.recrd.com/

Aidatify - Seed ($8.3M) | On-chain decentralized exchange information aggregation platform enabled by AI: https://www.aidatify.com/

Jade City - Seed ($0.3M) | Jade and other mineral tokenization platform: https://www.jadecity.io/

Soccerverse - Strategic ($3.1M) | Multiplayer, community-driven football management simulator and trading game: https://www.soccerverse.com/

Partior - Series B ($60.0M) | Global unified ledger market infrastructure for clearing and settlement, born from the Project Ubin collaboration backed by the Monetary Authority of Singapore: https://www.partior.com/

Pixelverse - Private Sale ($2.0M) | Web3 gaming studio and platform set in a cyberpunk pixelated universe: https://pixelverse.xyz/

ZAP - Private Sale ($3.0M) | Community-driven token launch protocol built on Blast: https://www.zap.tech/

ZAP - Other ($12.1M) | Community-driven token launch protocol built on Blast: https://www.zap.tech/

XRADERS (aka. XR Labs) - Private Sale (Not Disclosed) | AI-powered curated expert insights platform for crypto investors: https://xraders.xyz/

New Funds

Notcoin - Telegram Gaming Accelerator ($50.0M)

Auros Global - Auros Ventures Fund ($50.0M)

Frictionless Capital - Frictionless Fund I ($20.0M)

Morgan Creek Digital - Fund IV ($500.0M)

🙌 Cool Resources

Dora, an unified multi-chain search engine and explorer

🐕 About

AWeb3VC is a source for venture funding news, emerging startups and trends across Web3. I've been closely following cryptocurrencies and digital assets since 2013 and started working in the space since 2018. Now I'm on a mission to build the most extensive venture ecosystem for BUIDLERS in Web3, starting first by tracking those BUIDLERS.