Crypto Fundraising weekly
Dates: 27 Oct – 02 Nov 2024

This week's biggest funding round

Kraken raised $42.5M in a Grants funding round from Optimism Foundation.

Kraken is ocryptocurrency exchange, founded in 2011. It offers a secure platform for spot and futures trading, supporting Bitcoin, Ethereum, and over 40 other digital assets. With a focus on accessibility, Kraken empowers users to invest in their financial independence. In 2020, Kraken became the first U.S. exchange to receive a license to establish a crypto bank, further expanding its services and capabilities within the digital finance space.

Pre-seed and Seed investment rounds

Spire Labs raised $7M in a Seed funding round from Maven 11 Capital*, Anagram*, a16z Crypto Startup Accelerator (CSX), Bankless Ventures, Volt Capital, L2 Iterative Ventures (L2IV), Finality Capital, Digital Currency Group (DCG), Collin Myers, Nick White, Anthony Sassano, Andy, Amrit Kumar.

Spire is a customizable appchain framework built on Ethereum’s OP Stack, optimized for subsecond transaction confirmations and enhanced modularity. It allows developers to deploy appchains with tailored configurations, leveraging Ethereum’s liquidity and security. By using based sequencing and supporting composable infrastructure, Spire provides a highly scalable and decentralized environment suitable for advanced Web3 applications.

Axal raised $2.5M in a Pre-seed funding round from CMT Digital*, a16z Crypto Startup School (CSS), Escape Velocity, Artichoke Capital, Trident Digital, Blockchain Builders Fund (BBF), IDG Capital, BlockHunters Group, Mentat Group.

Axal is a decentralized network that powers Web3 applications with autonomous, verifiable agents that perform tasks based on user-defined intents. It simplifies processes like on-chain trading through its “Autopilot” feature, allowing optimized, risk-free execution. Axal focuses on agentic markets that ensure transparency and remove counterparty risks, providing a streamlined approach to automated tasks in the Web3 space.

Phylax Systems raised $4.5M in a Pre-seed funding round from Figment Capital*, Nascent*, Robot Ventures, Hash3, Bankless Ventures, Breed VC, Public Works, Sandeep Nailwal, Keone Hon, Collin Myers, John Adler, Nic Carter, Eric Wall, Banteg, Dean Eigenmann.

Phylax introduces the “Credible Layer,” a security framework embedded at the blockchain base layer. Designed for dApp developers, it enforces verifiable, on-chain security assertions to prevent hacks and vulnerabilities. Phylax’s system includes the Proof of Provenance (PoP) mechanism for preemptive exploit validation, and an Assertion Registry for managing and monetizing security rules. This infrastructure provides a transparent, decentralized approach to blockchain security, allowing developers to define and enforce security protocols with resilience and ease.

Sapien AI raised $10.5M in a Seed funding round from Variant Fund*, Primitive, Animoca Brands, Yield Guild Games (YGG), HF0.

Sapien is a gamified Web3 platform where users play, earn, and train AI by completing data-labeling challenges. The platform rewards participants for tagging data accurately, helping train AI models while offering cash rewards and leaderboard prizes. With a mission to create a global network of “AI data heroes,” Sapien combines gaming and data tasks to make AI training engaging and financially rewarding.

MagmaDAO raised $3.9M in a Seed funding round from Bloccelerate, Animoca Ventures, CMS Holdings, Maelstrom, Veil, Builder Capital, Infinity Ventures Crypto (IVC), RockTree Capital, Wise3 Ventures, Stake Capital, Relayer Capital, Meltem Demirors, Kartik Talwar, Ben Lakoff.

Magma is a liquid staking protocol built on Monad, allowing users to stake MONAD tokens and receive gMONAD in return, which can be used in DeFi. The platform distributes staking rewards along with extra APY generated from MEV (Maximal Extractable Value) rewards through blockspace auctions. Magma emphasizes community governance within the Monad ecosystem, allowing members to participate in decision-making and protocol direction.

Nitro Labs (Termina) raised $4M in a Seed funding round from Lemniscap*, Animoca Ventures, Borderless Capital, Finality Capital, Race Capital, No Limit Holdings (NLH).

Nitro Labs is a Solana scaling infrastructure developer. It's project Termina is a decentralized infrastructure platform built on the Solana Virtual Machine (SVM) to enhance scalability, interoperability, and execution for dApps. It offers fast deployment of custom blockchains using SVM, with dedicated blockspace, modular customization, and scalable compute resources. Termina’s abstraction layer extends the reach of Solana, providing high performance and reliability for developers looking to leverage the Solana ecosystem.

81Ravens (Paravox) raised $4.5M in a Seed funding round from Digital Hearts Holdings*, GREE Inc.*.

81Ravens is a platform focused on decentralized autonomous organizations (DAOs) and blockchain technology, providing tools and infrastructure for collaborative project management and governance. It's project Paravox is a competitive, neo-esports shooter game integrating Web3 elements.

Native raised $2.6M in a Seed funding round from Nexus Mutual.

Native is a crypto insurance broker bridging traditional insurance with on-chain capital. It offers risk coverage for digital assets with policy limits up to $20 million, enabling clients to pay or receive claims in crypto. Additionally, Native operates a capital pool on Nexus Mutual, acting as a managing general agent (MGA) to support underwriting. Its mission is to expand insurance capacity and address underinsurance within the digital asset sector.

PumpBTC raised $10M in a Seed funding round from SevenX Ventures*, Mirana Ventures*, UTXO Management, Mantle Network, Seven Seas Capital, Istari Ventures, Arcane Group, Coinsummer Labs, Sharding Capital, 10K Ventures.

PumpBTC is a liquid staking platform enabling BTC holders to maximize yields through Babylon’s shared security. It lets users stake BTC derivatives (e.g., $WBTC) to earn $pumpBTC, which accumulates yield. Users earn rewards through points across staking options, Layer 2 integrations, and protocol activity.

KRNL Labs raised $1.7M in a Pre-seed funding round from TRGC, Superscrypt, Ryze Labs, Blockchain Founders Fund (BFF), Builder Capital, Stix, WAGMi Venture, YAP Capital.

KRNL is a decentralized infrastructure protocol that redefines execution for dApps, integrating permissionless, modular “kernels” (execution shards) across multiple blockchains to optimize scalability, security, and interoperability. With execution sharding and a unique Compute Engine, KRNL accelerates dApp deployment while enhancing efficiency. It includes features like Proof of Provenance (PoP) for verification and a decentralized registry for kernel monetization, providing a flexible platform that reduces time-to-market for advanced Web3 applications.

Cap Labs raised $1.9M in a Pre-seed funding round from Kraken Ventures, Robot Ventures, Anagram, ABCDE Capital, SCB Limited, Kain Warwick, Fernando Martinelli.

CAP Labs is a DeFi protocol offering a stablecoin mechanism designed to generate high, sustainable yields. Focused on optimizing capital efficiency, CAP Labs aims to provide decentralized yield options unattainable through traditional finance. The platform combines advanced DeFi strategies to maximize stablecoin profitability and accessibility.

Libraro raised undisclosed amount in a Seed funding round from Ayre Ventures*.

Libraro is a Web3-based platform designed for authors, readers, and publishers to connect, discover, and share stories. It offers a decentralized space where writers retain control of their work, readers explore diverse genres, and publishers find new talent. Utilizing blockchain for rights protection, Libraro empowers authors to engage with a community-driven audience, providing secure, collaborative opportunities in digital publishing.

Other investment rounds

Delabs Games raised undisclosed amount in a  funding round from TON Ventures.

Delabs Games is a blockchain game developer behind PC games Rumble Racing Star (Mario Kart for NFT degen), space survival game Space Frontier, and cartoonish post-apocalyptic survival game Meta Bolts, built on the Polygon network, with strong backing from 4:33 Creative Lab, a well-established South Korean game developer.

Triangle raised undisclosed amount in a M&A  funding round from Bridge.

Triangle is a multi-chain Web3 infrastructure platform offering a robust API for wallet, payment, DeFi, NFT, and gaming integrations. It simplifies blockchain complexity by providing a unified interface to support various use cases, with built-in security through multi-party computation (MPC) for secure, non-custodial solutions. Supporting chains like Ethereum, Solana, and Polygon, Triangle allows developers to seamlessly embed blockchain functionalities in applications across ecosystems.

Llama raised undisclosed amount in a M&A  funding round from River.

Llama is a blockchain platform designed for on-chain governance and access control for smart contracts. It enables the creation of granular roles and permissions for executing transactions, allowing precise control over actions like transferring funds or changing protocol parameters. Llama aims to improve the effectiveness of blockchain protocol governance by providing fine-grained access control and security features.

Alliance Games raised $5M in a Series A  funding round from Animoca Brands*, Asymm Ventures*, The Spartan Group, Dialectic, Kyros Ventures, Arche Fund (Coin98 Ventures), Sebastien Borget, Loi Luu.

Alliance Games is a decentralized Web3 gaming infrastructure that provides permissionless server hosting and data storage for blockchain-based games. It supports community-owned nodes, offering a secure, chain-agnostic, and easily deployable environment similar to AWS. The platform features tools for AI-driven game development, a decentralized data network, and a launchpad for new games.

Chainway Labs (Citrea) raised $14M in a Series A  funding round from Founders fund*, Maven 11 Capital, Mirana Ventures, dao5 (daofive), Zero Knowledge Validator (ZKV), Axiom, Balaji Srinivasan, Nikil Viswanathan, Joe Lau, Nathan McCauley, Mustafa Al-Bassam, Nick White, Shumo Chu, Spencer Noon, Batuhan Dasgin, Dogan, DiscusFish, Sunny Aggarwal, Jill Gunter.

Chainway Labs is a blockchain infrastructure company focused on Bitcoin, Ethereum, and Zero Knowledge technology. Chainway Labs built Citrea, Bitcoin's First ZK Rollup. Citrea is the first rollup that leverages zero-knowledge technology to enhance Bitcoin blockspace, enabling the development of various applications on the Bitcoin network without modifying its consensus rules. As a Type 2 zkEVM, Citrea processes zkEVM transaction batches, providing a succinct zero-knowledge proof for easy verification on Bitcoin, supporting light nodes and featuring a universal trust-minimized two-way peg mechanism.

Glow Labs raised $30M in a  funding round from Framework Ventures*, Union Square Ventures (USV)*.

Glow Labs is a community-powered platform focused on advancing global solar energy adoption. By enabling contributions to fund solar farms, users earn Impact Points and Glow Carbon Credits (GCC), which represent verifiable CO₂ reduction. Glow emphasizes transparency, using third-party data to verify environmental impact. The platform supports a community-driven approach to combat climate change through accessible, incentivized solar projects.

Ellipsis Labs raised $20M in a  funding round from HAUN Ventures.

Ellipsis Labs builds sustainable and efficient DeFi protocols on high-throughput decentralized infrastructure. Ellipsis Labs’ flagship protocol is Phoenix, a fully on-chain, decentralized limit orderbook on Solana. Ellipsis Labs’ contributions to the Solana ecosystem also include Solana Verified Builds, a tool that verifies the source code of on-chain Solana programs.

RoOLZ raised $1M in a Public sale  funding round from .

Roolz is a platform combining anime, mobile apps, and digital collectibles, powered by the $GODL token. As the first IP of RoOLZ Studio Inc., it features a community-driven approach to entertainment. Users can engage in quests, interact with mobile anime content, and collect NFTs. The anime series and games are developed by artists who worked on Demon Slayer and Attack on Titan. Built on the Telegram/TON ecosystem, Roolz integrates blockchain technology with anime, offering unique experiences in the world of interactive, anime-based digital entertainment.

Gunzilla Games raised undisclosed amount in a  funding round from VanEck.

Gunzilla Games is a game development studio, known for its innovation in multiplayer gaming. They are working on Off The Grid, a cyberpunk Battle Royale 2.0 game set in a dystopian future. Gunzilla Games empowers players with their GunZ platform, which grants them ownership over in-game possessions and enables in-game item trading using blockchain technology.

Nillion raised $25M in a  funding round from Hack VC*, Distributed Global, SALT fund, Manifold, Animoca Brands, Presto Labs, Jordi Alexander, DCF God, Ansem, DCBuilder, DefiSquared.

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

GEODNET raised undisclosed amount in a  funding round from Animoca Brands.

GEODNET is a decentralized network that combines real-world Earth observation with blockchain technology, aiming to gather geospatial data from space weather stations worldwide and provide secure and trusted data products. Participants contribute to the network by installing geodetic-grade GNSS antennas on their roofs and are rewarded with GEOD tokens for their contributions.

Gelato Network raised $11M in a Series A  funding round from Hack VC*, Animoca Brands, IOSG Ventures, Bloccelerate.

Gelato is a decentralized backend for Web3, enabling developers to craft automated and efficient smart contracts across various EVM-compatible blockchains. With services like Web3 Functions, Automate, Relay, and Gasless Wallet, Gelato streamlines transaction execution and offers a seamless user experience, trusted by numerous leading web3 projects, from DeFi platforms like MakerDAO and PancakeSwap to scaling solutions like Optimism.

BitSmiley raised $10M in a  funding round from NxGen, IBC Group, Ca Capital, Pragma Ventures, Zephyrus Capital, MH Ventures, Veris Ventures, Side Door Ventures, KuCoin Ventures, NewTribe Capital, Kinetic Kollective (ex CSP DAO), GuildQB, DCI capital (Dutch Crypto Investors), Aegis Ventures, Skyland Ventures, Cypher Capital, TPC Ventures.

bitSmiley is a protocol within the Bitcoin blockchain, featuring a decentralized stablecoin, a trustless lending platform, and a derivatives protocol under the Fintegra framework. Its flagship product, bitUSD, is a BTC-based over-collateralized stablecoin that promotes stable value alignment and transparency on the Bitcoin blockchain, while bitSmiley's broader ecosystem includes bitLending for peer-to-peer lending and a Credit Default Swaps (CDS) segment to redefine financial derivatives in the Bitcoin DeFi landscape.

Streamflow raised $1.9M in a  funding round from John Lilic*, Jump Crypto, Solana Ventures, Infinity Ventures Crypto (IVC), Genesis Block Ventures Capital (GBV), Genblock Capital, Hypersphere, Amber Group, T3E, HTX Ventures (ex Huobi Ventures), PrimeBlock Ventures.

Streamflow is a token distribution platform providing solutions for vesting, airdrops, staking, token locking, and payroll management. Built for Web3 projects, it offers customizable, automated tools that help teams manage finances on-chain across multiple blockchain ecosystems, including Solana, Aptos, and Sui. Streamflow supports efficient, secure token operations, enabling teams to engage their communities and streamline workflows.

* fund, that lead investment round