AWeb3VC - Funding Round Up #81

🗓️ Week of: Jul 14-20, 2024

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

$97M+ was raised across 28 funding rounds in Web3. Absent a large funding round or public markets deal, this week marked the first slowdown in funding for 2024. While summer seasonality is likely the culprit, and companies may be delaying announcements, Web3 venture capital deployment appears to be maintaining a holding pattern, dependent on broader crypto market trends leading into Q4. At the same time, the industry is facing minor wins on the regulatory front within the U.S., and everyone is anxious to see what effect crypto will play in the 2024 U.S. Presidential election. While these factors won't explicitly impact venture deal flow, they can certainly sway VC sentiment and capital deployment for the weeks ahead.

Zooming in, this week marked a handful of deals for projects building better solutions to ingest and use blockchain data, including Allium (covered in this edition) and Chainbase, as well as Mira, which is building better decentralized data infrastructure for AI. Personally, I think data infrastructure solutions within Web3 have some of the strongest business models and obtainable markets within the industry (everyone, devs and users, touches or uses these products at some point). Also, continue to keep your eyes on the TON ecosystem, which continues to spur new projects building at the application layer and harvesting large user bases, thanks in part to TON’s close integration with the Telegram app and ecosystem.

🏆 Largest Funding Round

➡️ Allium announced $16.5M in Series A funding. The round was led by Theory Ventures, with participation from Kleiner Perkins and Amplify Partners, who had previously led the company’s seed round in 2022.

Allium is an enterprise blockchain data platform offering two main products: Allium Developer and Allium Explorer. Allium Developer enables engineers to create custom workflows for real-time blockchain applications. Allium Explorer provides analysts with an intuitive query interface for exploring blockchain data. Allium offers both enriched batch data (Snowflake SQL) and real-time data (PostgreSQL) options, which enables data shares and streaming of blockchain data to enterprise users’ data lakes.

The platform supports over 40 blockchains, providing various schemas and real-time data streams. It also offers other data enrichment and tools for accounting, auditing, stablecoin tracking, institutional staking, wallet analysis, and sybil detection for airdrops. Some of its most notable customers include, Visa, Stripe, Phantom, Wormhole, and Uniswap. Allium also partners with Visa to launch their on-chain analytics dashboard tracking the fiat-backed stablecoin market.

Why this matters?👉Blockchain data and analytic infrastructure providers like Allium continue to face a meaningful market opportunity as the industry expands and the need to “read” blockchain data efficiently and reliably becomes mandatory. By standardizing and making blockchain data more accessible, developers can rely on providers like Allium for critical functions within their applications, from checking wallet balances and fraud detection to real-time accounting data. Moreover, as larger institutions delve deeper into the market and the nexus with AI grows, platforms that abstract the complexities of querying and indexing blockchain data can become just as important as Google in organizing public webpage data.

💸 Funding Rounds

Top 15 Rounds

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All Rounds

XYRO - Strategic (Not Disclosed) | Gamified social trading platform, blending GameFi and SocialFi: https://xyro.io/

Beoble - Seed+ ($3.0M) | Communication infrastructure and ecosystem that allows users to chat between wallets: https://www.beoble.io/

Akedo - Strategic (Not Disclosed) | Arcade and gaming platform built on the TON network and integrating with Telegram's user base: https://x.com/akedofun

Haruko - Series A ($6.0M) | All-in-one digital asset portfolio management platform across CeFI and DeFI for institutional investors: https://www.haruko.io/

RateX (aka. Rate Labs) - Seed (Not Disclosed) | Decentralized exchange built on Solana, specializing in leveraged yield trading via synthetic Yield Tokens (YT): https://rate-x.io/

BIMA Labs - Seed ($2.3M) | Developer of USBD (Universal Stable Bitcoin Dollar), a stablecoin collateralized by Babylon-staked Bitcoin: https://bima.money/

Caliza - Seed ($8.5M) | Fintech platform that enables digital dollar accounts and real-time payments using USDC: https://www.caliza.co/

Mira - Seed ($9.0M) | Decentralized AI development infrastructure platform enabled by a crypto-based economic model: https://mira.network/

PEXX - Seed ($4.5M) | Cross-border payment platform that enables users to off-ramp stablecoins directly into bank accounts: https://pexx.com/

DILL - Seed (Not Disclosed) | Sharding-based Data Availability (DA) network secured by Proof of Stake (PoS) enabled by BTC staking and restaking for participation: https://www.dill.xyz/

Skytrade - Seed (Not Disclosed) | Blockchain-based air rights marketplace for the purchase, sale and lease of airspace: https://sky.trade/

Privy - Strategic (Not Disclosed) | Toolkit for progressive authentication flows and embedded wallets for Web3 applications: https://www.privy.io/

Oh Gamers - Seed ($3.0M) | Web3 gamers community platform focused on providing expertly curated on-chain gaming opportunities: https://x.com/0xOhGamers

Pluto Studio (aka. Catizen) (fka. Cat Paradise) - Strategic (Not Disclosed) | Web3 game development platform, studio, and developer of Catizen, a game for cat lovers built on the TON network: https://www.pluto.vision/#/

Jugemu Labs - Seed ($1.0M) | Layer 2 blockchain democratizing access to generative AI: https://www.jugemu.ai/

Sanctum (fka. Socean Labs) - Public Sale ($7.5M) | Liquid staking token (LST) protocol and multi-LST liquidity pool (LP) built on Solana: https://www.sanctum.so/

Loyi - Seed ($0.5M) | No-code white-label platform to lifestyle brands for boosting Gen Z customer engagement leveraging blockchain technology: https://www.loyi.io/

Owlto Finance - Private Sale (Not Disclosed) | Intent-centric interoperability protocol providing seamless cross-chain bridging services: https://owlto.finance/

ZKLink - Strategic (Not Disclosed) | Trading-focused multi-chain Layer 2 network with unified liquidity secured by zero knowledge (ZK) rollups: https://zk.link/

Liquidium - Seed ($2.8M) | Ordinal lending platform on Bitcoin: https://www.liquidium.fi/

Allium - Series A ($16.5M) | On-chain data infrastructure products ranging from managed blockchain databases, enriched data schemas, and real-time alerting capabilities: https://www.allium.so/

Chainbase - Series A ($15.0M) | Omnichain data network that consolidates all blockchain data into a single platform: https://chainbase.com/

Zivoe - Private Sale ($8.4M) | Real-World Asset (RWA) credit protocol for unsecured consumer loans: https://www.zivoe.com/en

Truvius - Seed ($3.2M) | Digital asset investment platform providing thematic portfolios constructed for both institutional and individual investors: https://www.truvius.io/

JOJO Exchange - Seed (Not Disclosed) | Decentralized perpetual futures exchange built on Base: https://jojo.exchange/

U2U Network - Strategic (Not Disclosed) | Directed acyclic graph (DAG)-based Layer 1 network with EVM compatibility, designed for decentralized physical infrastructure networks (DePIN) applications: https://u2u.xyz/

ZKEX - Seed ($2.5M) | Decentralized multi-chain order book exchange secured by zero-knowledge (ZK) technology: https://zkex.com/

Nirvana Labs - Seed+ ($4.0M) | Web3-native cloud provider designed to reduce cloud centralization and promote decentralized infrastructure: https://nirvanalabs.io/

New Funds

MON Protocol - MON Ventures Fund I (Not Disclosed)

BlueYard Capital - BlueYard Crypto 3 ($75.0M)

Bitrue Ventures - Investment Fund ($40.0M)

Sei Labs - Japan Ecosystem Fund ($50.0M)

🙌 Cool Resources

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🐕 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.