Top 10 Web3 Projects with Funding Rounds Up to $10M in 2024

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This text provides an overview of several Web3 projects that raised significant funding in 2024. These projects include GoMining, Galaxis, Owlto Finance, Sortium, DwellFi, Moongate, and BonusBlock, as well as Ambient Network. Each project is utilizing innovative blockchain and AI technologies to address various challenges within the Web3 ecosystem.

Multitudes of investors are eagerly pouring resources into Web3 initiatives, enticed by the potential for innovative and trailblazing applications of blockchain technology. As of 2024, more than 658 funding rounds for cryptocurrency and blockchain projects have collectively amassed $5.54 billion in investments, according to CoinCarp’s data. While some startups have secured substantial investments from venture capitalists, those receiving around $10 million are particularly noteworthy due to their groundbreaking approaches to advancing the frontier of blockchain technology.

Galaxis: $10M

Galaxis secured $10 million in a funding round led by Rarestone Capital, Chainlink, Taisu Ventures, and Nick Johnson. Furthermore, they raised an extra $200,000 through an Initial Exchange Offering (IEO) on Bybit. As a CoinMarketCap incubated platform, Galaxis empowers brands and individuals to connect with their audiences via NFTs. Their upcoming GALAXIS token launch aims to fuel the platform with practical applications that transcend typical Web3 boundaries. Notable collaborations with figures such as DJ Steve Aoki, Val Kilmer, and LaMelo Ball have resulted in over 225,000 sold NFTs and approximately $100 million in secondary sales. Galaxis is disrupting the scene by crafting non-fungible token collections that encompass their own economy, enabling creators and fans to transact directly. Key focuses for Galaxis include expanding awareness and fostering engagement.

Owlto Finance: $8M

Owlto Finance, an innovative interoperability protocol specializing in intent-based transactions, announced the successful completion of a $8 million funding round. This round was spearheaded by Bixin Ventures and CE Innovation Capital, with additional investments from Hailstone Labs, Skyland Ventures, Presto Labs, SNZ Capital, and other notable investors.

Paragraph: $5M

Paragraph, a leading on-chain publishing platform, secured $5 million in funding from investors including Coinbase Ventures and Union Square Ventures. This financing, coupled with an earlier pre-seed round in 2022, empowers Paragraph to expand its innovative on-chain publishing features. In a recent announcement, Paragraph unveiled a collaboration with Mirror, another pioneering Web3 publishing platform, to collectively strengthen content creation tools using decentralized domains, crowdfunding campaigns, and NFT integration. By enabling creators to build direct connections with their audience through on-chain technology, offering subscription services, and integrating messaging functionalities, Paragraph is poised to revolutionize the publishing landscape. With the backing of influential partners like Coinbase and Base Ecosystem Fund, Paragraph remains committed to delivering top-notch Web3 publishing experiences for writers and their communities.

Agora: $5M

Agora, a platform specializing in cross-chain governance, successfully secured $5 million during its seed funding round. Haun Ventures spearheaded this investment, with significant contributions from Coinbase Ventures, ConsenSys Mesh, and individual investors such as Balaji Srinivasan, Packy McCormick, and Dan Romero. Seed Club Ventures, a decentralized autonomous organization (DAO), also joined in on the funding.

Through this financing, Agora will upgrade its governance tools, facilitating smooth cross-chain balloting and administration. With backing from reputable blockchain initiatives including Optimism, Nouns, ENS, and Uniswap, Agora has emerged as the preferred choice for managing the governance requirements of various blockchain projects.

Sortium: $4M

In April 2024, Sortium, a tech firm specializing in entertainment with AI and Web3 technologies, secured over $4 million in funding. This investment was spearheaded by Signum Growth, accompanied by contributions from ARK Investment Management, Polygon Ventures, Infinity Ventures Crypto, IDG Capital, and 1881. Previously in January 2023, Sortium had already garnered $7.75 million during a seed funding round, headed by Arca.

At Sortium, we’re dedicated to transforming game development and digital experiences through the use of advanced artificial intelligence tools. Our offerings automate complex content creation tasks and seamlessly integrate with existing production workflows, enabling studios to cut costs and expedite timelines. With our AI-powered platform, developers can concentrate on innovation and design, while players have the freedom to create unique characters. Our technology demonstrates the potential of generative AI, blockchain, and dynamic economic systems in gaming and entertainment industries.

GoMining: $3M

Bitscale Capital invested $3 million in GoMining to expand its Bitcoin mining operations using a unique protocol called Liquid Bitcoin Hashrate (LBH). This innovative system allows non-fungible tokens (NFTs) to represent hash rate ownership, enabling users to increase their miner’s power and energy efficiency with a few clicks. The result is a consistent and scalable yield from their NFTs.

As a researcher examining the crypto mining industry, I’ve come across GoMining, a significant player with nine global data centers and a market value of approximately $135 million. Their combined hashrate reaches an impressive 3.5 million TH/s. GoMining has achieved notable success in this realm by selling over 111,000 NFTs, thereby allocating nearly 400,000TH/s through these branded non-fungible tokens.

Due to the robust mining infrastructure in place, users have successfully mined a total of 2,360 Bitcoin. The GoMining community continues to grow, with more than 51,046 individuals expressing interest in NFTs. The ecosystem’s native GOMINING token, currently possessed by approximately 21,751 people, serves multiple purposes: purchasing NFTs, covering maintenance costs, and upgrading digital miners, thus highlighting its essential role within the system.

Mining Bitcoin has become more accessible than ever before, all thanks to GoMining’s innovative combination of NFTs and the LBH protocol in their system. This game-changing setup ensures a straightforward experience and complete transparency.

DwellFi: $3M

CEO Kumar Ujjwal of DwellFi, holding two tech patents, raised $3 million in seed funding from E1 Ventures, Blockchain Coinvestors, Hustle Fund, and Fortified Ventures. DwellFi intends to transform asset management through AI, blockchain, and tokenization for private funds and administrators. With a SOC-2 certified SaaS platform managing over $200 billion in assets, enterprise clients can improve efficiency and adhere to regulations. This investment underscores DwellFi’s commitment to challenging traditional asset management systems with advanced technology.

Moongate: $2.7M

In an announcement on April 2, 2024, Moongate, a leading Web3 engagement platform, disclosed having secured $2.7 million in seed funding. The investment round was spearheaded by CMCC Global’s Titan Fund, with contributions also coming from GBV Capital and Token Bay Capital, among others. Moongate is dedicated to constructing a versatile Web3 engagement infrastructure for real-life experiences. Their innovative decentralized ticketing system has already amassed over 100,000 active users and notable clients such as Wonderfruit, ComplexCon, Binance, and Avalanche.

As a crypto investor, I can tell you that some platforms offer innovative solutions for brands to foster stronger relationships with their audiences. They achieve this by integrating blockchain and artificial intelligence technologies. Brands issue digital tokens as part of these solutions, which can be used to access exclusive content or experiences tailored to individual consumers. This personalized approach helps build deeper connections and enhances customer loyalty.

BonusBlock: $2.3M

On April 2, 2024, BonusBlock, a marketplace and white-label solution provider based on the blockchain, announced the successful completion of an undisclosed funding round, raising approximately $2.3 million. This investment was spearheaded by Laser Digital, ZBS Capital, and Faculty Group. Rarestone Capital, NewTribe Capital, and a number of notable angel investors, including Georgios Vlachos and Ivan on Tech, also joined in. The primary objective of this funding round is to tackle the biggest hurdle facing the Web3 sector: effectively acquiring high-quality users on the blockchain.

I’ve analyzed the platform, and it provides a dependable user onboarding process through both its marketplace and white-label solutions. This is facilitated using AI analysis for transparent quality scoring. The platform has achieved impressive milestones, such as engaging over 4 million users across diverse protocols and contributing to more than 10 million on-chain transactions. BonusBlock’s Initial Dex Offerings (IDOs) on Bybit, Ape Terminal, and EclipseFi were filled rapidly, demonstrating high demand and robust user engagement. With over thirty partnerships, such as Injective and Xion by Burnt, BonusBlock is dedicated to cultivating a dependable network where Web3 projects can identify and attract genuine users in an ecosystem that is frequently manipulated by bots.

Ambient Network: $2M

Ambient Network raised $2 million in a seed funding round, led by Borderless Capital with participation from Solana Ventures, Primal Capital, Sonic Boom Ventures, and Paramita Venture. With this funding, Ambient Network is set to boost its DePIN model on Solana, streamlining its collection of essential environmental data. The platform aims to tackle global environmental problems by offering vital, real-time information on air pollution and climate change, equipping those who care with knowledge they are increasingly in need of. Ambient plans to broaden its reach and build strategic relationships, further improving its business model and reaching broader markets. Alpen Sheth of Borderless Capital remarked, “Ambient’s DePIN model is key in scaling fast enough to meet the demands for collecting reliable environmental data.” 

Conclusion 

In the year 2024, notable Web3 initiatives such as GoMining, Galaxis, Owlto Finance, and their peers have attracted substantial financial backing through the implementation of cutting-edge blockchain and artificial intelligence technologies. Among these projects, GoMining distinguishes itself by offering a unique NFT-driven Bitcoin mining model that empowers greater access to cryptocurrency mining for all. Envision a future where decentralized blockchain platforms can self-govern or effortlessly monitor environmental changes—a reality brought about by the groundbreaking advancements of pioneering figures shaping Web3, gradually revolutionizing it.

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2024-05-13 16:34