VC roundup: Allium raises $16.5m as crypto funding activity cools

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As a seasoned crypto investor with a decade of experience in this ever-evolving market, I find this week’s venture capital (VC) funding news particularly intriguing. The announcements from Allium, Haruko, PEXX, Nirvana Labs, and Bima Labs highlight the immense potential that blockchain and web3 startups hold in transforming various sectors within our industry.

As a researcher studying the recent trends in crypto venture capital, I’ve noticed that despite a relatively quiet week, several blockchain and web3 startups managed to secure substantial funding. Among these companies are Allium, Haruko, PEXX, and Bima Labs.

Allium, $16.5 million

I, as an analyst, would express it this way: The most significant fundraising event of last week occurred on the 18th of July. Allium, a business-focused blockchain data platform, disclosed that they had accomplished closing a $16.5 million series A investment round.

Thrilling announcement: We’ve successfully secured $16.5 million in our Series A round, adding to our existing total of $5.5 million, resulting in a grand total of $21.5 million. A heartfelt thank you to our esteemed investors, including TheoryVC, Kleiner Perkins, and Amplify, among others, for their faith and support in our vision.— Allium (@AlliumLabs) July 18, 2024

In this version, I’d suggest: “Led by Theory Ventures, the funding round drew in seed investors Kleiner Perkins and Amplify Partners, raising Allium’s overall capital to a sum of $21.5 million.”

At the conclusion of the fundraising process, Tomasz Tunguz, the founder of Theory Ventures, was brought on as a new member of Allium’s board of directors.

This platform caters to businesses such as Visa, Stripe, and Phantom, providing them with essential tools for handling business reports, discovering potential growth areas, and fueling app functionality.

According to Allium, they intend to utilize the funds obtained from the recent financing round to enhance their data infrastructure and expand their market entry strategies in response to the escalating volume of blockchain data and the intricacy involved in reporting blockchain transactions.

Haruko, $6 million

Haruko announced that they had successfully secured $6 million in venture capital financing, with White Star Capital’s Digital Asset Fund and MMC Ventures sharing the leadership role in this funding round.

The digital asset investment management platform I’m invested in announced that they will be utilizing the raised funds for their strategic growth into Southeast Asia and for recruiting elite team members.

Established in the year 2021, Haruko has swiftly gained a strong foothold in North America and Europe, catering to over fifty educational institutions.

The business offers comprehensive services for managing digital assets. Their tools for portfolio management and risk mitigation are designed to boost the financial sector.

PEXX, $4.5 million

Fintech startup PEXX, which focuses on developing a payment platform for converting stablecoins to fiat currency, successfully raised $4.5 million in its seed funding round on July 16.

— PEXX (@pexxme) July 16, 2024

With TNB Aura taking the lead, joined by Antler and EMO Capital, the newly acquired funds will strengthen PEXX’s technical and product departments, as well as broaden their marketing efforts and business growth in Southeast Asia.

With PEXX, you can easily transfer stablecoins such as USDT and USDC across borders directly to bank accounts around the world. This innovative solution serves as a bridge connecting the digital realm of web3 with traditional financial systems.

Nirvana Labs, $4.5 million

To wind up the week, Nirvana Labs, a cloud-based blockchain provider, revealed they had successfully secured $4 million in funding during a seed investment round. This round was jointly spearheaded by Castle Island Ventures and RW3 Ventures.

Several other venture capital firms participated in the funding round alongside Hash3, BitGo Ecosystem Fund, Play Ventures, and Third Earth.

We’re excited to share the news that we’ve successfully secured $4 million during our seed funding round. Castle Island Ventures and RW3 Ventures took the lead in this investment, with BitGo, Hash3xyz, Third Earth Capital, and Play Ventures also joining as participants. This recent influx of capital adds up to a grand total of $5.7 million that Nirvana Labs has raised within the past six months.

— Nirvana Labs (@nirvanalabsai) July 19, 2024

Previously this year, Nirvana Labs secured an additional $1.2 million investment during a funding round. This brings their total funds to approximately $5.7 million. The company intends to utilize these resources to broaden its global reach and enhance its product lineup. Specifically, they plan to develop web3 cloud monitoring and offer a managed Kubernetes service.

In their recent announcement regarding the funding round on X, Nirvana Labs revealed intentions to collaborate with prominent web3 foundations such as Ethereum (Bauchain) and NEAR Protocol for launching their infrastructure.

Bima Labs, $2.25 million

With my extensive background in the world of cryptocurrency and venture capital, I can’t help but be intrigued by the latest news in this dynamic industry. This week, I’m particularly excited about Bima Labs, a pioneering startup that specializes in developing Bitcoin-backed stablecoins. And what great news it is to wake up to! They have recently announced the successful completion of a $2.25 million seed funding round. Having witnessed the meteoric rise of cryptocurrencies and the increasing demand for stable digital assets, I believe this is an excellent development that could pave the way for greater financial stability and innovation in the sector. The future looks bright for Bima Labs, and I’m eager to see how they will revolutionize the game.

Meet Bima, the all-encompassing stablecoin built on Bitcoin. We’re thrilled to share that we’ve raised $2.5 million in funding from Portal Ventures, DGB Ventures, Tim Draper, Alon Goren, bleznak, Deltabc Fund, Sats Ventures, and Luxor Technology, among others. Discover our mission and the ins and outs of USBD by continuing to read below.

— BIMA (@bimabtc) July 15, 2024

Portal Ventures took the lead in the funding round, with participation from Draper Goren Blockchain, Sats Ventures, and a number of prominent individual investors.

Bima Labs is leading the innovation of USBD, a versatile stablecoin pegged to the value of Bitcoin (BTC), with its backing derived from re-staked Bitcoins. This universal currency can be utilized seamlessly across various blockchain platforms.

The platform connects to well-known web2 payment processors, offering users a range of financial options and enhanced profits via different savings accounts.

“Our CEO at Bima Labs expressed his delight over the investment backing we’ve received, reflecting the faith in our plan to disrupt the stablecoin market,” is a possible paraphrase for the original statement.

The business is well-positioned to seize a substantial portion of the $150 billion stablecoin industry, utilizing the robust attributes of Bitcoin to establish a reliable and safe monetary infrastructure.

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2024-07-20 16:26