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- AWeb3VC - Funding Round Up #83
🗓️ Week of: Jul 28 - Aug 3, 2024
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(See "Funding Rounds" section for the complete list of deals)
$246M+ was raised across 32 funding rounds in Web3. While deal flow remained consistent week-over-week and in line with 2024 norms, the broader crypto markets might be signaling a different story for later this year. In the course of just a few days, a ‘perfect storm’ appears to have hit global markets, including crypto. This included a sentiment shift in U.S. economic and jobs data igniting recession fears, rising tensions in the Middle East, and interest rate hikes in Japan leading to a massive unwind of carry trades across all asset classes. On top of this, leading crypto market maker Jump appears to be liquidating their positions, and publicly traded crypto-related companies have witnessed their worst pullback in over a year. With liquidity already thin during the summer months, this all equated to a massive pullback for crypto with most tokens seeing double digit declines.
On the surface, the crypto markets appear to have at least found local bottoms. However, the unexpected declines in token and public company market caps will certainly impact valuations in the near term, likely seeping into the venture markets. There is a good likelihood that this could be the catalyst to slow down the amount and size of deals over the next three months, especially until there is clarity from the U.S. on both the Fed’s rate cuts, the presidential election, and the corresponding regulatory regime. Until then, hang tight.
🏆 Largest Funding Round
➡️ Alps Blockchain announced $113 million (€105 million) in funding led by global asset manager Azimut Holding. The deal was made through an SPV set up by Azimut and a group of private investors and was structured as debt via a 5-year guaranteed bond with the option of early redemption by the company. This follows a prior financing round in 2023 for €40 million.
Alps Blockchain that focuses on the production of computing power for blockchain applications, specifically through the development and management of high-performance mining farms. They design, build, and operate state-of-the-art mining infrastructure, using advanced cooling systems and renewable energy sources like hydropower and other sustainable energy sources. Alps Blockchain collaborates with global partners to expand their mining operations internationally across 30 sites in Europe, South America, and the Middle East.
Why this matters?👉Cryptocurrency miners have raised over $1.6 billion so far in 2024, with Alps Blockchain marking another nine-figure funding round. As covered in prior editions, post-Bitcoin’s halving, miners continue to raise more capital to deploy into CapEx for more advanced mining rigs and sustainable energy solutions. This effort aims to make operations more efficient as margins grow thin. However, with recent tumbles in the crypto markets, we’ll see in the next few months which miners have been able to pull this off most effectively.
💸 Funding Rounds
Top 15 Rounds
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All Rounds
Agent - Seed ($1.0M) | Sub-account management platform enabling trading of points and locked tokens: https://agent.exchange/
Mycel - Seed (Not Disclosed) | Decentralized platform that enables the transfer, management, and trading of various accounts across different blockchain platforms: https://mycel.land/
Destiny of Gods - Strategic ($0.5M) | Turn-based strategy card game built on Solana: https://dogame.io/
BlonkFi - Seed (Not Disclosed) | Money market lending protocol on Solana that allows users to collateralize volatile assets such as memecoins to borrow stablecoins: https://x.com/BlonkFi
Axle Automation - Seed ($2.5M) | AI-powered solutions for Anti-Money Laundering (AML) compliance: https://www.axleruns.com/
Pravica - Grant ($0.3M) | Developer of stable management and payment app on the Sui network: https://blog.pravica.io/
Alps Blockchain - Debt ($113.0M) | Technology company specializing in the production and development of computer power for digital asset mining: https://www.alpsblockchain.com/
Liquorice - Seed ($1.2M) | DeFi protocol offering one sided lending pools and enable intent based trading systems: https://www.liquorice.tech/
Argo Blockchain - Private Placement ($8.3M) | Global data center business that provides a powerful and efficient platform for cryptocurrency mining operations: https://argoblockchain.com/
Hyperbolic - Seed ($0.8M) | Open-access AI cloud providing accessible, affordable, and scalable GPU resources and inference services: https://www.hyperbolic.xyz/
Hyperbolic - Seed ($7.0M) | Open-access AI cloud providing accessible, affordable, and scalable GPU resources and inference services: https://www.hyperbolic.xyz/
Mintify - Seed+ ($3.4M) | Modular trading terminal and order book for NFTs that aggregates liquidity from public and private marketplaces: https://mintify.xyz/
Raad Labs - Seed ($2.3M) | Distributed network of meteorological sensors for local, regional, and large-scale weather data and intelligence: https://raad.com/
aPriori (fka. BBOX) - Strategic (Not Disclosed) | Maximal extractable value (MEV) powered liquid staking platform for Monad: https://www.apr.io/
We.Rich - Seed ($2.0M) | User-Generated Asset (UGA) platform that enables anyone to create and launch any tradable asset or memecoins: https://we.rich/
Icebreaker - Seed ($5.0M) | Web3-focused professional network and social verification platform: https://www.icebreaker.xyz/
Layer2 Financial - Series A ($10.7M) | Regulated payments infrastructure for cross-border money movement, compliant payments, and in multiple currencies: https://layer2financial.com/
Rage Trade - Public Sale ($6.0M) | Multi-chain and exchange aggregator for crypto perpetual futures: https://www.rage.trade/
JKLabs (aka. Jokerace) - Seed ($3.0M) | Web3 governance platform for Web3 communities to make, execute, and reward decisions while offering incentives to members on-chain: https://jokerace.xyz/
Daylight - Series A ($9.0M) | Decentralized protocol, application, and marketplace for energy resources and devices: https://www.daylight.world/
Breakout - Seed ($4.5M) | Crypto-native proprietary trading firm offering centralized exchange liquidity: https://www.breakoutprop.com/
Lukka - Strategic (Not Disclosed) | Enterprise data and financial software solutions for crypto assets and blockchain data: https://lukka.tech/
Pichi Finance - Seed ($2.5M) | Points trading protocol, enabling users to trade points from their favorite protocols before token generation events (TGE): https://pichi.finance/
Particle Network - Strategic (Not Disclosed) | Modular Layer 1 blockchain powered by Cosmos SDK enabling Universal Accounts a single account, balance, and address across all chains: https://particle.network/
Morpho - Private Sale ($50.0M) | Decentralized lending protocol offering user-controlled risk assessment platform with a unique lending pooling and matching system: https://morpho.org/
MetaDAO - Private Sale ($2.2M) | Decentralized autonomous organization (DAO) responsible for developing and implementing the futarchy governance model: https://metadao.fi/
Layer 3 - Strategic (Not Disclosed) | Omnichain identity and distribution protocol for incentivization and rewards: https://layer3.xyz/
DuelNow - Strategic ($11.0M) | Sports prediction marketplace powered by peer-to-peer wagers providing a bookie-free sports prediction experience: https://duelnow.com/
Chateau - Seed (Not Disclosed) | Protocol that connects DeFi participants with institutional-grade real world assets (RWAs) across various asset classes: https://www.chateau.capital/
IX Swap - Strategic (Not Disclosed) | DeFi platform for issuance, listing, and trading of real-world assets (RWAs): https://www.ixswap.io/
Oyl - Strategic (Not Disclosed) | Wallet and trading platform for holding and investing in bitcoin-native assets: https://www.oyl.io/
Kollectiv - Private Sale (Not Disclosed) | Web3 membership club and rewards program: https://kollectiv.io/
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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.