Crypto Fundraising weekly
Dates: 23 – 29, Jun 2024

This week's biggest funding round

Conduit raised $37M in a Series A funding round from Paradigm*, HAUN Ventures*, Coinbase Ventures, Bankless Ventures, Robot Ventures, Credibly Neutral, Hayden Adams, Tim Beiko, Hasu, Nick White, Liam Horne, Sreeram Kannan, Uma Roy, Tarun Chitra, Zaki Manian, Mustafa Al-Bassam, Calvin Liu, Henri Stern, Yi Sun, Scott Sunarto.

Conduit is a crypto infrastructure platform that enables the deployment of production-grade OP Chains (rollups built on the Optimistic Ethereum protocol) quickly and easily, without needing to handle the operational aspects of scalability, reliability, and upgrades themselves. DeFi protocols, gaming companies, NFT platforms, and other on-chain providers can use Conduit to scale their applications.

Pre-seed and Seed investment rounds

Rebar Labs raised $2.9M in a Seed funding round from 6th Man Ventures (6MV), Arca Fund, ParaFi Capital, Moonrock Capital, UTXO Management.

Rebar Labs is developing MEV-aware infrastructure, products, and research for Bitcoin, focusing on the emerging on-chain ecosystem. With the introduction of metaprotocols like Runes and BRC-20s, and the deployment of L2s and rollups, Rebar Labs aims to enhance sophisticated market activities and economic interactions within Bitcoin.

MegaLabs (MegaETH) raised $20M in a Seed funding round from Dragonfly Capital*, Figment Capital, Robot Ventures, Big Brain Holdings, Folius Ventures, Credibly Neutral, Meltem Demirors, Vitalik Buterin, Hasu, Santiago R. Santos, Sreeram Kannan, Cobie, Kartik Talwar.

MegaLabs is the developer of MegaETH, a blockchain aiming for 100,000 transactions per second (TPS) with full Ethereum compatibility. MegaETH achieves real-time processing and high transaction throughput using a heterogeneous blockchain architecture and a hyper-optimized EVM execution environment. This architecture allows for specialization of network nodes and minimizes hardware requirements for full nodes, ensuring a fast, secure, and efficient blockchain.

Fenix raised $300K in a Seed funding round from Orbs*, Lynex, Samurai Starter, Pragma Ventures.

Fenix is an advanced decentralized exchange built for the Blast ecosystem, aimed at accelerating ecosystem growth. It provides a comprehensive infrastructure stack for traders, liquidity providers, and protocols, focusing on driving liquidity, revenue, and economic growth. Fenix simplifies user experience and supports the development of both native and external protocols while enhancing chain resiliency.

NovaNet raised $3M in a Seed funding round from Finality Capital*, Arrington Capital, Avalanche Foundation, Builder Capital, Caballeros Capital, Scott Moore, Jaynti Kanani.

NovaNet is a peer-to-peer decentralized proving network that incentivizes the use of zero-knowledge proofs (ZKPs) for scalable, privacy-preserving computations. It supports various ZKP schemes and zkVMs, enabling fast, secure, and efficient proof generation across multiple platforms, including browsers and consumer devices. NovaNet’s modular, WASM-based infrastructure ensures broad compatibility and high performance, while its game-theoretic approach optimizes prover cooperation, reducing costs and enhancing privacy.

AnchorZero raised $8M in a Seed funding round from Bain Capital Crypto*, Spark Capital*, Ethereal Ventures, Robot Ventures, Mischief Fund, Pascal Capital, Sarah Meyohas.

AnchorZero is a blockchain technology company specializing in developing decentralized oracle networks that provide secure and reliable data feeds for smart contracts. Their oracles are cross-chain compatible, enabling access to external data for smart contracts on multiple platforms, with a particular focus on DeFi applications. Additionally, AnchorZero offers Web3 tax planning solutions, providing sophisticated tax strategies to help users save on taxes.

GolfN raised $1.3M in a Pre-seed funding round from CitizenX Crypto Ventures, Fourth Revolution Capital (4RC), Joe McCann, Nom.

GolfN is a Web3 golf play-to-earn (P2E) game that integrates traditional golf with digital rewards, making the sport more inclusive and engaging. It offers a comprehensive digital caddie app, providing essential golfing tools and rewarding players for their on-course activities through a blockchain-based reward system. This approach aims to rejuvenate golf by blending tradition with Web3 innovation, enhancing accessibility and engagement for all participants.

SoSoValue raised $4.2M in a Seed funding round from HongShan (ex Sequoia China), GSR Markets LTD, Alumni Ventures (AVG), Coinsummer Labs, OnePiece Labs.

SoSoValue is a financial research platform for cryptocurrency investors, offering high-quality macro market information to enhance investment research. It features an AI-based classified news and research system, connecting macroeconomic data with the cryptocurrency market for more informed decision-making.

Other investment rounds

Bluefin (ex Firefly, dTrade) raised undisclosed amount in a  funding round from Flow Traders.

Bluefin is an orderbook decentralized exchange (DEX) for perpetual swaps and options powered by Substrate. Supported by Polkadot’s shared security, high-throughput and low-latency transactions, micro-gas fees, and interoperability across networks, Bluefin provides traders with a derivatives DEX that is both performant and secure.

Redacted raised $10M in a  funding round from The Spartan Group*, Animoca Brands, P2 Ventures (Polygon Ventures), DEXT Force Ventures, Saison Capital, HerculesDAO, Illuminati Capital, Hulk Crypto (HC Capital), OIG Capital (Oracles Investment Group), BuzzBridge Capital, Ticker Capital, Harbinger Digital Advisors, K300 Ventures, vVv dotnet, Underground, Black Dragon, Normie Capital, Yat Siu, Sandeep Nailwal, Kun Gao, Joseph Young, Adrian Lai, Icedcoffee, Brian D Evans.

Redacted is a Web3 entertainment ecosystem that integrates blockchain and AI to create an "entertainment datasphere," allowing users to play, trade, and watch content while earning rewards. Powered by the RDAC Token, Redacted enhances user experiences through targeted data protocols and provides commercial opportunities for Web3 companies and decentralized applications (DApps).

X-Protocol raised $800K in a Strategic  funding round from Cogitent Ventures, Zephyrus Capital.

X-Protocol is a Web3 gaming blockchain designed to redefine online gaming by creating a dynamic, value-driven environment for gamers and creators. It emphasizes decentralized models, cross-platform experiences, and broader crypto adoption to empower players and challenge traditional gaming and gambling structures. With compatibility with the Ethereum Virtual Machine (EVM) and scalable infrastructure, X-Protocol supports entertainment, gaming, and AI applications, while its Xardian Nodes contribute to network decentralization and reward node operators.

Crossover Markets raised $12M in a Series A  funding round from Illuminate Financial*, DRW Venture Capital*, Flow Traders, Laser Digital, Two Sigma Ventures, Wintermute, Exness, GMO Internet Group, Pepperstone, Think Markets, Gate Ventures.

Crossover Markets is a digital asset trading technology firm specializing in institutional liquidity for spot and derivative cryptocurrency markets. Its execution-only cryptocurrency ECN, CROSSx, separates trade execution from custody and brokerage, allowing institutions to choose their own credit counterparties. Crossover Markets does not hold client funds, handle assets, or carry counterparty risk.

Covalent raised $5M in a Strategic  funding round from RockTree Capital*, CMCC Global, Moonrock Capital, Double Peak Group.

Covalent leverages big-data technology to create meaning from hundreds of billions of data points.

Ora Protocol raised $20M in a Series A  funding round from Polychain Capital, HF0, Hashkey Capital, SevenX Ventures.

ORA is Ethereum's trustless AI, providing a verifiable oracle protocol that brings AI and complex computations on-chain. Its main product, the Onchain AI Oracle (OAO), allows for AI inference within smart contracts, enabling innovative developments. ORA is trusted by major platforms like Compound, Uniswap, and the Ethereum Foundation for its practical and deployable AI solutions.

Nillion raised $20M in a Public sale  funding round from .

Nillion is a web3 startup aiming to build a non-blockchain decentralized network for securing storage and data computation.

TDMM (TradeDog Market Manager) raised undisclosed amount in a Strategic  funding round from Blockchain Founders Fund, Anthony Scaramucci.

TDMM is a crypto market-making company that has provided liquidity and market-making services to over 200 crypto projects since 2015. It offers institutional clients comprehensive solutions including yield management, exit strategies, and treasury and inventory management. Integrated with over 60 exchanges, TDMM manages more than 100 assets across 300 trading pairs.

Argo raised undisclosed amount in a  funding round from Paxos, WonderFi.

Argo Digital Gold Ltd. - online gold dealer offering secure digital gold and precious metals trading and storage.

Enso Finance raised $4.2M in a  funding round from Hypersphere, IDEO CoLab Ventures.

Enso network abstracts all smart contract interactions on rollups, appchains, and blockchains for execution.

Shaga raised $1M in a Angel  funding round from Arca Fund*, Marin Digital Ventures, Skybridge20 Ventures, Quotient Ventures, Pavel Bains.

Shaga is a decentralized gaming network that turns personal devices into compute nodes, enabling users to earn passive income by allowing others to connect and play games through their idle hardware. This innovative platform offers low-latency, high-performance gaming from any device, leveraging distributed local networks to minimize latency and optimize the gaming experience. Shaga aims to revolutionize gaming by providing a decentralized, scalable solution that eliminates the need for datacenters and offers a seamless, Netflix-like gaming experience.

Elfin Metaverse (ex Elfin Kingdom) raised undisclosed amount in a  funding round from Manta Network.

Elfin Kingdom is a MMORPG metaverse, through the fusion of DeFi and Play to Earn rewards.

Infrared raised undisclosed amount in a Strategic  funding round from Binance Labs Fund.

Infrared is the premier application of the Proof of Liquidity (PoL) consensus mechanism within the Berachain ecosystem. With a focus on reimagining liquid staking and incorporating unique soulbound elements of BGT, Infrared aims to streamline the BGT-staking process, providing a user-friendly interface and maximizing value capture through infrastructure-level PoL vaults and the creation of the BGT native Liquidity Staking Token (LST). The platform offers incentives for liquidity providers, allowing them to earn trading fees, native emissions, and claim liquid BGT via iBGT while imposing minimal fees and distributing performance fees to $IRED holders.

Legend of Arcadia raised $1.4M in a Public sale  funding round from .

Legend of Arcadia is a multi-chain, free-to-play, and play-to-earn casual strategy card game that merges traditional gaming with Web3 GameFi 2.0. Players can collect and raise toy-like humanoid creatures called "toy heroes," and boost their yield through staking, battling, and mining. The game features 8 classes and 6 factions of toy heroes, providing an immersive and rewarding gaming experience.

Allora raised $3M in a Strategic  funding round from Delphi Ventures, Coin Merge Strategy (CMS), Archetype, ID Theory, DCF God.

Allora is a self-improving decentralized AI network that empowers applications with smarter, more secure AI through a network of machine learning models, utilizing cryptographic primitives for trustless access. It enables developers to build decentralized AI applications, allows ML model creators to monetize and contribute to the network's collective intelligence, and features novel cryptoeconomic mechanisms to reward positive model contributions, ensuring security and reliability.

* fund, that lead investment round