Funding Weekly: 41 deals raised approximately $279 million, with Bitcoin ecosystem continuing to shine
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Funding Weekly: 41 deals raised approximately $279 million, with Bitcoin ecosystem continuing to shine
Between March 11 and March 17, 16 blockchain projects raised over $5 million each.
Navigating Web3 tides with focused insightsAuthor: TechFlow
According to RootData, 41 blockchain startups raised $279 million between March 11 and March 17.
Projects that raised over $5 million include:
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Layer1 blockchain Berachain raised over $69 million;
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Obscuro Lab, developer of Ethereum Layer 2 network TEN, raised $9 million at a $30 million valuation;
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Carbonated, the studio behind NFT shooter game MadWorld, completed an $11 million Series A round;
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Dutch cryptocurrency derivatives exchange D2X raised $10 million in its Series A round;
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Web3 fashion startup mmERCH announced a $6.4 million seed round;
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Data computing infrastructure firm Clique announced an $8 million Series A round;
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Polyhedra Network, developer of zero-knowledge interoperability protocol zkBridge, raised $20 million in a strategic round;
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Cryptocurrency clearing platform Cleartoken announced raising over $10 million in its seed round on Wednesday;
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Web3 social protocol UXLINK announced recently closing a new funding round totaling over $9 million;
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Studio 369, developer of blockchain video game "MetalCore", announced a $5 million new funding round;
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NFT crowdfunding platform SnowSeed announced completion of a $5 million strategic round;
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DeFi protocol Elixir raised $8 million in its Series B round at an $800 million valuation;
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Web3 MMO gaming platform MetaCene announced completion of a $10 million private Series A round;
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NFT lending protocol NFTfi announced completion of a $6 million Series A1 round;
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Layer 2 developer Eclipse Labs raised $50 million in its Series A round;
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AI Web3 startup Bluwhale announced completion of a $7 million seed round.
Highlighted Projects
MadWorld
Overview: MadWorld is a post-apocalyptic NFT shooting game launched by NFT gaming studio Carbonated. Set on a post-apocalyptic Earth, the game allows players to collect and trade tokenized land assets based on real-world locations. Each of the 250,000 plots contains specific resources contested by hostile clans.
Investors: Carbonated, the development studio behind NFT shooter game MadWorld, announced completion of an $11 million Series A round led by South Korean gaming giant Com2uS, with participation from a16z, Bitkraft Ventures, Cypher Capital, Blocore, Goal Ventures, and WAGMI Ventures.
Highlights:
1. Early access testing registration is now open; the game will launch on iOS and Android in 2024;
2. Players can gain control over desired land sections by paying tribute to landowners using Rounds, an in-game currency that plans to eventually become an on-chain token;
3. Backed by investments from a16z and Com2uS.
Elixir
Overview: Elixir is a modular liquidity network enabling anyone to directly provide liquidity to order books, bringing liquidity to long-tail crypto assets. As critical decentralized infrastructure, the protocol enables exchanges and protocols to easily bootstrap ledger liquidity.
Investors: DeFi protocol Elixir raised $8 million in its Series B round at an $800 million valuation, co-led by Mysten Labs and Maelstrom, with participation from Manifold, Arthur Hayes, Amber Group, GSR, Flowdesk, and others.
Highlights:
1. Users can earn points by depositing at least $100 worth of ETH to mint elxETH, running nodes, or depositing more than $100 in assets on exchanges integrated with Elixir for trading.
2. Currently supports liquidity for exchanges including Vertex, Bluefin, and RabbitX.
3. Elixir plans to launch its mainnet before August 2024, where users can view their points through Apothecary on the Elixir platform.
Eclipse
Overview: Eclipse is a customizable rollup provider compatible with multiple Layer 1 blockchains. The platform enables developers to deploy their own rollups powered by Solana's operating system while using any chain for security or data storage.
Investors: Layer 2 developer Eclipse Labs raised $50 million in its Series A round, co-led by Placeholder and Hack VC, bringing total funding to $65 million. Other investors include Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital. Strategic contributors include Flow Traders, GSR, Apollo Global Management, and OKX Ventures.
Highlights:
1. Eclipse is currently in early development testnet phase, with the testnet live and mainnet planned for Q2 2024;
2. Eclipse is the first SVM-based Layer 2 combining Ethereum security, Solana's high performance, and Celestia's data availability;
3. Eclipse’s founders are skeptical of typical Layer 2 tokens with only governance functions. If used, governance tokens would be issued by the foundation behind Eclipse Labs. Eclipse's business model focuses on earning revenue through sequencer fees.
Below are detailed funding details by sector:
Bitcoin Ecosystem
UniSat, open-source wallet and infrastructure/service provider for Bitcoin Ordinals/BRC-20 protocol, announced a new strategic funding round with participation from Japanese crypto investment firm CGV. Specific amount undisclosed.
XLink, a cross-chain bridge for Bitcoin developed by AlexLab, completed its first fundraising round co-led by ForesightX, Bitcoin Frontier Fund, Bitcoin Laboratory, and LK Venture, with participation from Avid3, BlockBooster, Cypher Capital, Gate Labs, GSG, Incuba Alpha, Kucoin Ventures, Kyros Ventures, and Oak Grove Ventures. Additionally, XLink has launched a community rewards program via its referral and points systems, incentivizing participants with XLNK tokens.
Oneness Labs announced completion of a $4 million seed round, with participation from Dubai-based family fund The House of Maktoum and Finewill Capital—a gaming fund jointly established by Wemade and Mirana. Oneness Labs’ modular gaming intent BTC Layer 2, Oneness Matrix, aims to migrate the $200 billion traditional gaming industry to Web3 in novel ways, enabling mass consumer and transaction-driven gaming scenarios. Oneness Matrix will release a test version in Q2 2024, with its first game launching by end of 2024.
Bitcoin DeFi platform OrangeDX announced $1.5 million in funding, with participation from GBV Capital, Oddiyana Ventures, NxGen, Triple Gem Capital, x21 Digital, Alphabit, and Spicy Capital. OrangeDX positions itself as a "Bitcoin DeFi hub," aiming to provide a platform for users to trade, swap, and launch BRC-20 and bridged EVM tokens.
OKX Ventures announced an investment in native Bitcoin DeFi protocol DLC.Link. DLC.Link is a pioneering project aiming to bring the power and innovation of DeFi into the Bitcoin ecosystem without compromising security, decentralization, or user experience. DLC.Link partners with institutions ("dlcBTC merchants") to mint dlcBTC, a decentralized wrapped Bitcoin. Unlike other forms of wrapped Bitcoin, dlcBTC does not require depositing Bitcoin with custodians or bridging to another blockchain.
BitRealms, open metaverse game developer based on Merlin Chain, announced completion of a Pre-Seed round led by Comma 3 Ventures, with participation from Bitvalue Capital, Big Brain Holdings, Negentropy Capital, Bscstation, and Cogitent Ventures. Funding amount undisclosed. BitRealms plans to launch in mid-March, allowing participants to earn in-game rewards and BRC-420 NFTs, aiming to deliver community-centric gaming experiences powered by inscriptions.
Avalon Finance, lending protocol within the Merlin Chain ecosystem, announced completion of a $1.5 million seed round, with participation from SNZ Capital, Summer Capital, Matrixport Ventures, Spark Digital Capital, and Web3Port Foundation. Funds will be used for platform development and technological innovation. Avalon Finance is a one-stop DeFi lending protocol built on the Bitcoin ecosystem, offering services including lending, algorithmic stablecoins, RWA, and derivatives trading. Avalon Finance will integrate on-chain and off-chain liquidity to support the growth of the Bitcoin DeFi ecosystem.
DeFi
DeFi protocol Elixir raised $8 million in its Series B round at an $800 million valuation, co-led by Mysten Labs and Maelstrom, with participation from Manifold, Arthur Hayes, Amber Group, GSR, Flowdesk, and others. Elixir allows users to directly provide liquidity to order book exchange pairs and receive market maker-like incentives similar to AMMs. Its network supports substantial liquidity for exchanges such as Vertex, Bluefin, and RabbitX, and will integrate with platforms like dYdX and ApeX.
Kaskade Finance, a gamified incentive layer protocol, announced completion of its Pre-Seed round with participation from Marshland, NxGen.xyz, Artemis Capital, Andromeda Capital, Hercules Ventures, 369 Capital, Crypto Oasis Ventures, VirtualBacon, Brian D Evans, and CryptoJack. Specific funding amount not disclosed. Kaskade Finance primarily provides cross-chain liquidity bootstrapping layers for DeFi protocols and cross-chain networks, using volume-centric incentives to generate more fees for liquidity pools.
Token launch platform Fjord Foundry raised $4.3 million, led by Lemniscap, with participation from Mechanism Cap, Zee Prime Cap, Castle Capital, and various notable angel investors. "Fjord offers a range of token sale methods, including its Liquidity Bootstrapping Pool (LBP), which prioritizes fair distribution and reduces risks of whale manipulation and bot abuse." Additionally, Fjord is preparing to announce a full-chain aggregator and its native utility token FJO.
SHUI, Conflux ecosystem liquid staking protocol incubated by BlockBooster, announced completion of its seed round led by BlockBooster, with participation from the Conflux Foundation. This investment will support SHUI's development and further improve Conflux ecosystem infrastructure. Since its mainnet launch on February 8, the protocol's TVL has exceeded $2.5 million. SHUI is currently running a CFX staking incentive campaign, giving users chances to win rewards worth approximately $5,000.
According to Pantera Capital managing partner Paul Veradittakit, Pantera Capital has invested in decentralized derivatives trading platform Aevo, though he did not disclose the timing or amount. Previous investors in Aevo include Paradigm, Dragonfly Capital, and Coinbase Ventures.
Pac Finance, DeFi lending protocol on the Blast network, announced receiving investment from Manifold Trading.
Honeypot Finance, a Berachain ecosystem project, announced completion of its seed round with participation from DEXT Force Ventures, Candaq Ventures, PudgyAlpha, Sanyuan Capital, 0xsky404, and Khan's Kitchen. Funding amount undisclosed.
L1
Syntropy, Web3 data infrastructure developer, announced a new funding round with participation from CMCC Global, Polygon Ventures, HV Capital, Faculty Group, Wave Capital, Moonrock Capital, DVNCI Capital, TRGC Capital, Mapleblock Capital, AntAlpha, and Public Works. Specific amount undisclosed. New funds will be used to build modular, interoperable on-chain data infrastructure, with mainnet expected to launch in Q2.
Layer1 blockchain Berachain raised over $69 million in funding co-led by Brevan Howard Digital and Framework Ventures. The project raised funds through digital token sales, reaching a $1.5 billion valuation. Berachain features three primary tokens: BERA, BGT, and Honey stablecoin.
L2
Layer 2 developer Eclipse Labs raised $50 million in its Series A round, co-led by Placeholder and Hack VC, bringing total funding to $65 million. Other investors include Polychain Capital, Delphi Digital, Maven 11, DBA, and Fenbushi Capital. Additional strategic contributors include Flow Traders, GSR, Apollo Global Management, and OKX Ventures. The company did not disclose its latest valuation. The team aims to launch the final mainnet version in Q2 this year. It has already launched devnet and testnet versions of its protocol and plans to deploy prominent dApps at mainnet launch, including collaborations with Rarible, Pyth Network, and Solend.
Obscuro Lab, developer of Ethereum Layer 2 network TEN, announced on March 16 raising $9 million at a $30 million valuation, led by R3, with participation from Republic Crypto, KuCoin Labs, Big Brain Holdings, Magnus Capital, and DWF Labs. TEN is currently in testnet mode and expects to launch mainnet in October. TEN’s native token is expected to launch in June.
DePIN
DeMR Network, Solana-based decentralized mixed reality (MR) and AI infrastructure, completed its angel round with participation from KuCoin Labs, DWF Labs, JDI, Meteorite Labs, Redline Labs, and Paka. DeMR is a decentralized mixed reality (MR) infrastructure network (MR-DePIN) built on Solana, allowing users to participate in building MR spatial environments through DeMR’s distributed concurrent architecture, constructing Web3 infrastructure serving massive MR applications and users.
DePIN project Meson Network announced receiving strategic investment from OKX Ventures. This investment will support Meson Network in expanding its node operations, currently spanning over 250,000 nodes across 150+ countries.
Waterdrip Capital announced investment in Web3 application Jambo. Jambo jointly announced with the Aptos Foundation on February 15 the launch of the Web3 Earn smartphone JamboPhone, priced at just $99. Founded in early 2022, Jambo aims to build a "Web3 super app," creating income opportunities through a "learn, play, earn" model.
GameFi
Web3 MMO gaming platform MetaCene announced completion of a $10 million private Series A round, co-led by Folius Ventures and SevenX Ventures, with participation from The Spartan Group, Mantle Network, Animoca Ventures, Longling Capital, Comma3 Ventures, IGG, and others. New funds will be used to expand its development team and attract top talent in technology, design, and community management. MetaCene collaborates with gaming giants including Mocaverse, YGG, and Ancient8, and expects to release Alpha Test V.3 in March 2024, supporting both PC and mobile platforms.
Studio 369, developer of blockchain video game "MetalCore", announced completion of a $5 million new funding round, with participation from Delphi Digital, Bitkraft Ventures, and Sanctor Capital. The game is expected to enter public beta by end of 2024 and is currently in closed testing.
Munchables, Blast ecosystem project, completed its Pre-Seed round co-led by Manifold and Mechanism Capital, with participation from Selini Capital, Hidden Street, Duplicate Capital, Selini Capital founder Jordi Alexander, CBB0FE, hype, and L (rtrd/acc). Specific funding amount undisclosed.
Carbonated, development studio behind NFT shooter game MadWorld, announced completion of an $11 million Series A round led by South Korean gaming giant Com2uS, with participation from a16z, Bitkraft Ventures, Cypher Capital, Blocore, Goal Ventures, and WAGMI Ventures. The studio previously raised $8.5 million in 2020, with a16z and Bitkraft Ventures also participating. MadWorld combines third-person competitive shooting action with territory control gameplay based on NFT land assets. Early access registration is now open, with a public launch expected sometime in 2024.
9 Lives Interactive, developer of Web3 shooter game Nyan Heroes, announced completion of a $3 million funding round led by Mechanism Capital, with participation from Delphi Digital, Sfermion, 3Commas Capital, Momentum 6, Kosmos Ventures, Devmons GG, and CSP DAO. New funds will support the global launch of its first game, "Nyan Heroes."
SocialFi
UXLINK announced recently completing a new funding round totaling over $9 million. As a Web3 social infrastructure player, funds will focus on building the UXLINK ecosystem. This round was led by OKX Ventures, with participation from Web3Port, Manifold, UOB Venture, Comma3 Ventures, Cypher Capital, Kucoin Ventures, Gate Labs, Forgame, ECV, Signum Capital, and 7UPDAO. According to Singapore corporate registry information, HongShan, Matrixport Ventures, and ZhenFund are also listed investors. Additionally, UXLINK has been selected for the Stanford Blockchain Accelerator program. Community sources indicate UXLINK may complete another funding round prior to TGE.
NFT
NFT lending protocol NFTfi announced completion of a $6 million Series A1 round led by Placeholder VC, with participation from Maven 11, Launch Labs Inc, and Kahuna Ventures. NFTfi stated future plans include enhancing dApp functionality, expanding SDK capabilities, and creating an open settlement layer for NFT finance. NFTfi allows NFT holders to borrow ETH, USDC, or DAI from lenders in a trustless P2P manner using their NFTs as collateral.
Indonesian NFT crowdfunding platform SnowSeed announced completion of a $5 million strategic round, with participation from Buckingham Holdings Indonesia and MCI (Medi Crypto International). SnowSeed has already issued healthcare-related NFTs and plans to launch real estate development investment products in partnership with major Indonesian corporations and state governments, along with entertainment and art projects.
Web3 fashion startup mmERCH announced completion of a $6.4 million seed round led by Liberty City Ventures, with participation from 6529 Holdings LLC, Christie's venture arm, Flamingo DAO, Paxos CEO and co-founder Charles Cascarilla, Web3 investor Mike Jacobellis, collector and investor Daniel Maegaard (Seedphrase), American entrepreneur and model Karlie Kloss, luxury fashion designer and philanthropist Tory Burch, and leading Web3 fashion collective Red DAO. Post-money valuation stands at $25.7 million.
Pallet Exchange, NFT marketplace based on the Sei ecosystem, announced completion of a $2.5 million private placement round, with participation from Spartan Group, Symbolic Capital, Cypher, and angel investors from Coinbase and MoonPay.
Infrastructure & Tools
Blockus, Web3 gaming tech stack and payment provider, announced completion of a $4 million seed round led by Maple VC, with participation from Altos Ventures, Zhuoxun Yin of Magic Eden, Michael Ma of CreatorDAO, and Bryan Pelligrino of LayerZero. Blockus' technology platform helps game studios build on-chain functionalities for players, including wallet-as-a-service models, white-label NFT marketplaces, and fiat and crypto payment processing.
Polyhedra Network, developer of zero-knowledge interoperability protocol zkBridge, raised $20 million in a strategic round led by Polychain Capital, with participation from Animoca Brands, Hashkey Capital, Longhash Ventures, Emirates Consortium, and Mapleblock Capital. This round and four previous rounds were conducted via simple agreements for future tokens (SAFT). Polyhedra plans to grow its current ~50-member team to ~80 members this year by hiring across product, engineering, business development, and marketing roles.
Clique, data computing infrastructure company Clique announced completion of an $8 million Series A round led by Polychain Capital, with additional participation from notable investors including Bankless, Robot Ventures, Santiago R. Santos, Balaji Srinivasan, and other well-known angels such as founders from Lido, Polygon, Scroll, Berachain, Monad, Gitcoin, Axiom, Succinct, and Uniswap Foundation. Funds will be used to build a heterogeneous computing coordination network, revolutionizing how both on-chain and off-chain applications access computation and data.
Param Labs, UAE-based Web3 gaming infrastructure startup, announced completion of a strategic funding round with participation from Animoca Brands. Specific funding amount not disclosed. New funds will accelerate Param Labs’ scalable Web3 infrastructure and expand its ecosystem.
Incubation investment firm Red Cell Partners announced funding a $3 million Pre-Seed round for Eyris, which provides blockchain-based cybersecurity and ransomware defense solutions.
CeFi and Others
Bluwhale, Silicon Valley-based AI Web3 startup, announced completion of a $7 million seed round led by SBI (including SBI Ven Capital and SBI Decima), with participation from Cardano, Momentum6, Primal Capital, NxGen, Ghaf Capital Partners, Spyre Capital, Baselayer Capital, Dragonfly managing partner Haseeb Qureshi, Guitar Hero co-founder Charles Huang, Oculus founder Jack McCauley, Animoca (Japan), Gumi, MZ Crypto’s joint fund, Sygnum, and Azimut.
Request Finance, Paris-based financial platform for cryptocurrency and fiat transactions, will acquire Consola Finance, Vienna-based crypto accounting platform provider.
Cryptocurrency clearing platform Cleartoken announced on Wednesday raising over $10 million in its seed round, with participation from Laser Digital (Nomura Securities), liquidity providers Flow Traders and GSR, and digital asset firms LMAX Digital and Zodia Custody. The company stated ClearToken will deliver bilateral clearing and settlement benefits for digital assets. ClearToken plans to operate under full UK regulation and has begun applying for a clearing house license from the Bank of England. The company plans to offer initial settlement services this year and central counterparty clearing (CCP) services within the next 12–18 months.
Range, blockchain and rollups security platform Range, announced raising a $2.7 million seed round led by Galileo, with participation from Robot Ventures, Volt Capital, Chorus One, Bitscale Capital, Fenbushi Capital, Monoceros, Reverie, Informal Systems, Caballeros Capital, Kahuna, and angel investors from Binance, Arbitrum, and Skip. Range aims to build a security and risk infrastructure stack, preparing markets and institutions for blockchain and rollup adoption through enterprise-ready platforms and a security-first approach.
Dutch cryptocurrency derivatives exchange D2X announced completion of a $10 million Series A round co-led by Point72 Ventures and GSR Markets. Funds will be used for "attracting liquidity, developing new features, and business development in the EU." D2X is expected to go live later this quarter. Notably, D2X previously obtained a MiFID MTF license from the Netherlands Authority for the Financial Markets (AFM), allowing it to operate a crypto futures and options exchange across the EU.
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