As an analyst with over two decades of experience in the tech and finance sectors, I have witnessed numerous trends come and go. However, the recent surge in fundraising by The Open Network and Drift Protocol, along with other notable firms like Helius, Pipe Network, Yellow Network, and several others, has certainly piqued my interest.
In the past week, The Open Network and Drift Protocol were the leading companies that managed to secure the most capital.
According to data from Galaxy, the fundraising sector experienced growth in 2024, with a consistent increase in the amount collected. By early July, entrepreneurs have noted a lively atmosphere for fundraising activities.
Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.
Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.
The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.
Over the past week, from September 15th to September 21st, I’ve been keeping an eye on some exciting developments in the world of crypto VC funding. Using data sourced from Crypto Fundraising, crypto.news has curated the latest announcements for us. Here are a few companies that made waves with their multi-million dollar funding rounds.
The Open Network, $30 million
- TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
Bitget and Foresight Ventures contributed to the latest fundraising effort.
Through strategic partnerships, Bitget Global and Foresight Ventures have committed a $30 million investment into The Open Network (TON) blockchain. This investment will primarily support the growth of Telegram-based projects, with a focus on games that offer “tap-to-earn” experiences, including Hamster Kombat and The Not Coin. 💎— TON 💎 (@ton_blockchain) September 18, 2024
Drift Protocol, $25 million
- Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.
- It closed a $25-million Series B funding round led by Multicoin Capital.
- The firm has raised over $52.3 million so far.
Drift is thrilled to unveil a $25 million Series B round, headed by Multicoin Capital with contributions from Blockchain Capital, Folius Ventures, Maelstrom Fund, and Primitive Crypto. This funding will support the development of our DeFi platform, which aims to be the most cost-effective in the market – a versatile app that brings all your preferred trading options under one roof.
— BET on Drift (@DriftProtocol) September 19, 2024
Helius, $21.75 million
- Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.
- Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.
- Helius has raised a total of $34.35 million so far.
friends and enemies,
announcing our latest raise from the best of the best
we have one purpose: accelerate crypto & solana app devs
we’re solving big problems in distributed systems at immense scale and speeds with the best engineers around — come join us
now back to work
— mert | helius.dev (@0xMert_) September 19, 2024
The Hemi squad is thrilled to share news about successfully wrapping up a $15 million strategic seed funding round. This round was spearheaded by binance labs, breyercap, and BigBrainVC. Can’t wait for the future developments! #Bitcoin #Ethereum
— Hemi Network (@hemi_xyz) September 18, 2024
Pipe Network, $10 million
- Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.
Permissionless Labs Incorporated secures $10 million in financing for the expansion of Pipe Network. The fundraising round was spearheaded by Multicoin Capital.
— Pipe Network (@pipenetwork) September 16, 2024
Yellow Network, $10 million
- Yellow is a blockchain product and infrastructure company.
- Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startup’s $10 million fundraising round.
🌟 The Yellow Network, a network specializing in decentralized clearing of digital assets, has successfully completed a $10M seed funding round. This round was spearheaded by Chris Larsen, co-founder of Ripple and Silicon Valley trailblazer, with other key investors also participating.
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) September 18, 2024
Additional funding rounds under $10 million
- TrueX: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.
- Fermah: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round
- Vana: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.
- Cudis: The startup collected $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.
For last week’s column, click here.
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2024-09-21 21:34