Funding Weekly: 42 deals raised approximately $520 million, with Monad Labs and Berachain accounting for half of the total
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Funding Weekly: 42 deals raised approximately $520 million, with Monad Labs and Berachain accounting for half of the total
Between April 8 and April 14, nine blockchain companies raised over $5 million each.
Navigating Web3 tides with focused insightsWritten by: TechFlow
According to data from RootData, between April 8 and April 14, 42 blockchain startups announced fundraising totaling approximately $520 million.
Projects that raised over $5 million include:
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DePIN project Uplink announced a $10 million funding round;
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Spin City's Web3 gaming project BORED SLOT raised $10 million;
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Decentralized GPU infrastructure company GPU.net announced the completion of a $5.25 million Series A round;
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Bitcoin L2 developer Alpen Labs completed a $10.6 million seed round;
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Bitcoin mining hardware manufacturer Auradine announced a $80 million Series B round;
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Web3 data labeling company Sapien completed a $5 million seed round;
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Web3 beauty startup Kiki World announced a $7 million seed round;
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Thesis, the developer behind the Bitcoin L2 network Mezo, raised $21 million in its Series A round;
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Modular compute layer and ZK-RaaS platform Lumoz (formerly Opside), valued at $120 million, raised $6 million in a pre-Series A round.
Additionally, Monad and Berachain alone accounted for half of the total $520 million raised this week, collectively securing $350 million.
Featured Projects
Monad
Overview: Monad is a decentralized, developer-focused Layer 1 smart contract platform capable of handling 10,000 transactions per second, enabling even complex, high-usage applications to run in a decentralized manner. The project aims to build a first-layer blockchain competitive with platforms like Solana and Sui. Keone Hon, founder of Monad, stated that Monad’s innovation lies in re-architecting the Ethereum blockchain to execute smart contracts faster, at higher throughput, and lower cost—all while maintaining compatibility with Ethereum-based programs.
Investors: In Monad Labs' $225 million funding announcement, Paradigm led the round. Other investors include SevenX Ventures, Electric Capital, Pivot Global, Castle Island Ventures, Greenoaks, eGirl Capital, Amber Group, Animoca Ventures, Archetype, Bankless Ventures, Big Brain Holdings, Breed, Caladan, CMS Holdings, Coinbase Ventures, CoinFund, DBA, Figment Capital, Flow Traders, Galaxy, GSR Ventures, Hailstone Labs, Hermeneutic Investments, HTX Ventures, IOSG Ventures, Makers Fund, Manifold Trading, Merit Circle, Mirana Ventures, Nascent, Presto Labs, Rebirth Ventures, Robot Ventures, Superscrypt, Wintermute Ventures, among others. Angel investors include Inversebrah, Ansem, Hsaka, punk6529, Saquon Barkley, Eric Wall, Rune Christensen, Bryan Pellegrino, Robinson Burkey, Luca Netz, Mert Mumtaz, and Shoku.
Key Points:
1. Founded in April 2022 by Keone Hon, former head of research engineering at market maker Jump Trading.
2. Georgios Konstantopoulos, CTO at Paradigm, believes 2024 will be the year of “parallel EVM,” citing Monad as a representative example. Qiao Wang, founder of Alliance DAO, has also noted growing market interest in monolithic parallelization, calling Monad one of the most anticipated launches of 2024.
3. Monad launched its Devnet on March 14; neither mainnet nor testnet has gone live yet.
Mezo
Overview: Mezo is a Bitcoin Layer 2 network that enables users to access applications promoting the utility of Bitcoin tokens, fostering a circular Bitcoin economy beyond just being "a store of value."
Investors: Thesis, the developer behind the Bitcoin L2 network Mezo, raised $21 million in its Series A round, led by Pantera Capital, with participation from Multicoin, Hack VC, Draper Associates, and others.
Features:
1. Mezo leverages holders’ idle Bitcoin through a “Proof-of-HODL” points program—longer holding periods increase a contributor’s “HODL score multiplier.”
2. Mezo supports direct BTC staking, as well as tBTC and wBTC. Users can also earn bonus points by inviting friends.
3. Mezo’s mainnet is expected to launch in Q2 this year, alongside its native token MEZO.
Tomo
Overview: Tomo is a Web3 social platform built on the Linea and Base ecosystems, using a “Keys” system that allows users to purchase access to creators’ content and direct messages, with content moderation governed by community rules—all powered by ERC-4337 smart wallets.
Investors: Web3 social protocol Tomo raised $3.5 million in a seed round led by Polychain Capital, with participation from Consensys, Symbolic Capital, OKX Ventures, Nomad Capital, Story Protocol, dao5, KuCoin Ventures, and HTX Ventures.
Features:
1. Key transactions on Tomo are displayed in USD but settled in ETH, with 10% of fees distributed equally between Tomo and content creators.
2. Tomo allows users to create and trade ERC-404 tokens called “Tomojis”—offering fractional ownership compared to traditional NFTs. Tomojis serve as collectible digital assets, functional emojis within the app, and tradable tokens on exchanges.
3. The platform recently launched TomoID—a social wallet for creators and businesses featuring linked bio tools and crypto commission affiliate programs—in beta.
Sector-specific Funding Details:
Bitcoin Ecosystem
Thesis, developer of the Bitcoin L2 network Mezo, raised $21 million in a Series A round led by Pantera Capital, with Multicoin, Hack VC, Draper Associates, and others participating. Thesis emphasized that Mezo differentiates itself by enabling applications that promote Bitcoin token usage, advancing a circular Bitcoin economy rather than treating Bitcoin solely as a “store of value.” Mezo uses a “Proof-of-HODL” points system to utilize users’ idle Bitcoin—the longer users hold, the higher their “HODL score multiplier.” Mezo will launch alongside Thesis’ tBTC ecosystem, which offers “minimal trust” bridging across various ecosystems.
Bitcoin L2 developer Alpen Labs raised $10.6 million in a seed round led by Ribbit Capital, with Castle Island Ventures, Robot Ventures, and Axiom Capital participating. Alpen Labs is working to scale Bitcoin’s blockchain using zero-knowledge proofs, spending much of last year building Bitcoin rollup infrastructure to bring smart contract capabilities to the network.
Binance Labs announced an investment in BounceBit, though the amount was not disclosed. BounceBit aims to expand Bitcoin’s functionality through restaking, going beyond its traditional role as a store of value.
DeFi
Storm Labs, developer of Cove Finance—an earnings optimizer based on Yearn V3—raised $3 million in a round led by Electric Capital, with Accomplice, Robot Ventures, Daedalus, and notable angel investors participating. The funds will be used to build Cove, an on-chain portfolio manager that allows users to construct and manage custom DeFi portfolios without manual intervention, solving issues such as loss hedging and rebalancing. The first phase introduces Cove Boosties, a Yearn-focused platform offering enhanced APY and early access to Cove governance tokens. Cove is optimized by Gauntlet and audited by Trail of Bits, Quantstamp, and yAudit.
Decentralized derivatives trading platform Stream Trading raised $1.5 million in a seed round at a $20 million valuation, with Polychain and several angel investors participating. Founder Diogenes Casares said Stream Trading focuses more on funding rates than swap fees.
Solana-based cross-chain auction protocol Mayan raised $3 million in a seed round co-led by Borderless Capital and 6th Man Ventures, with Solana Ventures, Hash3, Big Brain Holdings, and Arrington Capital participating. The company plans to introduce a points system to track user engagement on Mayan and uses Wormhole’s messaging platform to transmit auction-related data.
Manta ecosystem DeFi project Gull Network announced a $1.6 million private sale on April 13, co-led by Ozaru Ventures and Morningstar Ventures, with GBV, MH Ventures, Banter Capital, Sky Vision Capital, Asteroid Capital, Andromeda Capital, and Momentum participating. Funds will accelerate product development and strengthen network infrastructure.
AI-powered Injective ecosystem asset management protocol Black Panther announced a new funding round on X, with participation from Vessel Capital, Taureon, DojiSwap, NxGen.lens, CSP DAO, Kahuna, and Swiss Funders Fund. Specific amounts were not disclosed. Black Panther’s asset management protocol uses smart vaults and automated trading strategies to generate returns for users, leveraging its native BLACK token for governance, staking rewards, and incentive programs within the ecosystem.
DePIN
DePIN project Uplink announced a $10 million raise, led by Framework Ventures. Uplink provides decentralized network connectivity, aiming to create better distributed, user-operated infrastructure. It seeks to reduce reliance on traditional centralized telecom providers. Users and enterprises will earn tokens as rewards for contributing to or using the network. The company plans to launch a token later this year.
Decentralized internet bandwidth sharing network Multisynq announced a $2.2 million seed round on X, led by Manifold, with ARKN Ventures, PHD Capital, EnigmaFunge, AlphaCrypto, Republic Crypto, and a group of angel investors participating. Multisynq enables individuals to monetize excess internet bandwidth by selling it to developers, achieving shared bandwidth utilization.
L1
Layer 1 blockchain Monad Labs announced a $225 million raise led by Paradigm, with other investors including SevenX Ventures, Electric Capital, Pivot Global, Castle Island Ventures, Greenoaks, eGirl Capital, Amber Group, Animoca Ventures, etc.—details covered above.
Layer 1 blockchain Berachain raised $100 million in a Series B round co-led by Brevan Howard Digital’s Abu Dhabi branch and Framework Ventures, with Polychain Capital, Hack VC, and Tribe Capital also participating. Investors supported Berachain via SAFTs (Simple Agreements for Future Tokens).
L2
Modular compute layer and ZK-RaaS platform Lumoz (formerly Opside), valued at $120 million, raised $6 million in a pre-Series A round, with participation from OKX Ventures, HashKey Capital, KuCoin Ventures, Comma3 Ventures, Kronos Ventures, Kernel Ventures, and Polygon co-founder Sandeep Nailwal. Lumoz plans to launch its compute layer mainnet in July, with a token generation event expected in August. Last month, Lumoz ran a points campaign where all points can be converted into future tokens, though the conversion ratio remains undetermined.
AI
Decentralized AI network project Ritual received a follow-on multi-million dollar investment from venture firm Polychain Capital, though exact figures were not disclosed. Earlier reports indicated Ritual raised $25 million in November 2023, led by Archetype, with Accomplice and Robot Ventures participating.
Web3 data labeling company Sapien raised $5 million in a seed round, with Primitive Ventures, Animoca, Ravikant Capital, and Yield Guild Games participating. Sapien stated it will use the funds to enhance its AI to better guide and assist data labeling, and to expand its blockchain infrastructure to grow its human labeling team.
Decentralized GPU infrastructure company GPU.net announced a $5.25 million Series A round, with Momentum 6, Spicy Capital, Exnetwork Capital, BlackDragon, Crypto Banter, Fusion7 Venture Capital, Alex Becker, and EllioTrader participating.
AI-driven crypto application Sharpe AI completed its seed round. Investors include Animoca Brands, GBV Capital, Morningstar Ventures, Maven Capital, Metabros, Contango Digital Assets, Ape Terminal, and AIT Protocol. The specific funding amount has not been disclosed.
Solana-based AI model training platform NavyAI announced on X the completion of its seed round, with participation from X Ventures, AlfaDAO, and Moni. Exact funding amount and valuation remain undisclosed. NavyAI is a blockchain layer dedicated to AI model training and self-learning, offering cost-effective solutions to reduce AI bias. By leveraging decentralized GPU resources, it enables users to access and train virtual AI models, enhancing AI accessibility and fair innovation.
GameFi
Gaming guild YGG received strategic investment from Newman Capital and entered into a partnership, though the amount was not disclosed. Both parties plan to jointly expand the Web3 gaming market in Hong Kong and grow the crypto/Web3 user base, collaborating with game studios, publishers, esports teams, and the YGG community.
Web3 game studio Sortium, focused on generative AI, announced raising over $4 million, led by Signum Growth, with participation from ARK Investment Management LLC (led by Cathie Wood), IDG Blockchain, IVC Fund, Polygon, and 1881 S Group AG. Sortium is a tech company integrating AI tools into existing game development ecosystems, automating challenging content creation tasks. This solution helps studios shorten production timelines and reduce costs, allowing greater focus on innovation and design, while enabling users on any system to design their own characters.
Spin City’s Web3 gaming project BORED SLOT raised $10 million, with PLUTUS VC and LD Capital participating. BORED SLOT plans to leverage Bored Ape Yacht Club (BAYC) NFTs to redefine social gaming, allowing players to earn tokens through gameplay and missions, and pledging to drive value and community growth within the APE ecosystem.
Web3 gaming launch platform GameCene raised $1.4 million in a seed round. Participating investors have not been disclosed. The funds will support GameCene’s development, accelerate platform expansion, enrich its diverse game library, and further streamline user asset management and monetization. GameCene aims to bridge Web2 developers and players, enabling seamless transition into the Web3 gaming world.
Infrastructure/liquidity layer for on-chain prediction markets Azuro announced a $11 million raise, with participation from SevenX Ventures, Fenbushi Capital, Arrington Capital, Polymorphic Capital, Red Beard Ventures, Dewhales, and G1 Ventures.
SocialFi
Web3 social protocol Tomo raised $3.5 million in a seed round led by Polychain Capital, with Consensys, Symbolic Capital, OKX Ventures, Nomad Capital, Story Protocol, dao5, KuCoin Ventures, and HTX Ventures participating.
RWA
Zoth raised $2.5 million, led by Blockchain Founders Fund, with participation from Borderless Capital, Mindativity Capital, YAP Capital, Momentum6, Singularity DAO, Aztlan Capital, Outlier Ventures, Decubate, and Wormhole Ecosystem Fund. Zoth is an ecosystem connecting liquidity between TradFi and OnchainFi, aiming to provide sustainable yields backed by RWAs and building a multi-chain stablecoin-driven RWA ecosystem to bring native sustainable yields to DeFi.
On-chain institutional lending and yield products platform OpenTrade raised $3.2 million in a seed round, with participation from a16z Crypto Startup Accelerator (CSX), CMCC Global, Draper Dragon, Ryze Labs, and Plassa Capital. The company plans to use the funds to grow all key functional teams. Built on Circle’s payments and DeFi infrastructure, OpenTrade enables regulated asset managers to create yield-bearing on-chain lending products by depositing USDC or EURC into on-chain vaults with defined investment criteria and target returns.
DeFi project Jigsaw, focused on dynamic collateral, recently announced a new funding round on X, with Tempo, Manifold, Rarestone Ventures, Space Whale Capital, Duplicate Capital, Pastel Alpha, Perridon Ventures, Digits Ventures, and DCD participating. The specific amount raised has not been disclosed.
CeFi & Others
Web3 beauty startup Kiki World announced a $7 million seed round, with participation from a16z Crypto, New Incubation Ventures (affiliated with Estée Lauder), OrangeDao, and 2Punks Capital. Kiki World enables consumers to co-create beauty products using Web3 technology, allowing community members to vote on desired product features before production.
Blockchain recruitment and background verification service Veremark raised $3 million in a round co-led by Samaipata and Stage 2 Capital, with ACF Investors and Vulpes Investment participating. Recently, they launched Verepass, a “professional passport” allowing job seekers to manage verified credentials stored on blockchain. Founded in 2019, Veremark provides companies with recruitment and evaluation background screening services, applicable for vetting existing employees, business partners, limited partners, and founders.
Bitcoin mining hardware manufacturer Auradine announced a $80 million Series B round, with participation from StepStone Group, Top Tier Capital Partners, MVP Ventures, Maverick Capital, Celesta Capital, Mayfield Fund, and Marathon Digital. The round was structured as a mix of equity and debt, valuing the company at over $500 million. Auradine co-founder and CEO Rajiv Khemani said the company initially aimed to raise $70 million but oversubscribed due to strong investor demand.
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