Crypto Startups Persist with Capital Raising Amid Market Uncertainties
Summary:
Despite market uncertainties, cryptocurrency startups continue to secure capital. In September, key raisings included Amitt Mahajan amassing $33 million for Web3 game creation, and Animoca Brands collecting $20 million to enhance its Mocaverse platform. Blockchain Capital finalized two funds, securing $580 million for crypto gaming and decentralized finance initiatives. Various projects like Bubblemaps, CoinScan, Hinkal Protocol, and Mythic Protocol also successfully raised funds. Tech firm ConsenSys also launched a pre-accelerator program, ConsenSys Fellowship, to support early-stage Web3 startups.
Despite swirling market conditions, cryptocurrency startups are persistently securing capital. Key events in September included Farmville creator, Amitt Mahajan, raising $33 million for web3 gaming development, and Animoca Brands announcing a $20 million capital haul for its Mocaverse platform progression. Meanwhile, Blockchain Capital wrapped up two separate funds last month, accumulating $580 million intended for crypto gaming and decentralized finance ventures ahead. In the wake of the market's extended decline, these projects remain dedicated to securing capital, as evident in Cointelegraph’s VC roundup.
Bubblemaps, a data visualization enterprise, has garnered €3 million ($3.2 million) in a seed funding round led by INCE Capital. The firm intends to use the capital to bolster its team, hire additional developers and broaden social media marketing endeavors. Contributors include Stake Capital, Momentum 6, Lbank, V3ntures, Nicolas Bacca from Ledger, Dyma Budorin from Hacken, and French entrepreneur Owen ‘Hasheur’ Simonin. Bubblemaps aspires to mirror Google Analytics for Web3, with rumored partnerships with Arbitrum, Polygon, Avalanche, and BNB Chain.
CryptoHub's first product, CoinScan, a cryptocurrency analytics platform, gained $6.3 million in funding in September. The platform's objective is providing safety checks, holder and airdrop analysis, and social sentiment analysis to the crypto community. Both DraftKings’ chief personal shareholder, billionaire Shalom MecKenzie, and backers from Playtech and iAngels support CryptoHub. MecKenzie asserted that CoinScan anticipates providing multi-source data for charting insights.
Hinkal Protocol, a privacy protocol, secured $4.1 million in a pre-seed funding round led by Draper Associates. The platform plans to introduce an advanced privacy layer to mask transactions and assets across various decentralized finance (DeFi) protocols from public view. Other participants included Psalion Hedge Fund, NGC Ventures, NoLimit Holdings, Draper Dragon, Peer VC, Orange DAO, Web3.com Ventures, among others.
Shima Capital’s Yida Gao co-led a $6.5 million seed round funding for Mythic Protocol, a gaming-focused collaborative entertainment ecosystem. Other investors include Alpha JWC, Saison Capital, GDP Ventures, and Planetarium Labs. The funds are earmarked for the development and launch of initial central offers for gamers, creators, and investors in the upcoming months.
Finally, ConsenSys, a technology firm, announced the inception of its pre-accelerator program, ConsenSys Fellowship, supporting young Web3 startups. The Fellowship aspires to link the space from a promising idea to a viable business, product, or tool. The quarter-long program will support up to 15 startups with workshops, weekly curricula, mentoring and access to ConsenSys’ network. Fellowship teams also have a chance for follow-on investments from a $1.5 million fund.
Published At
10/1/2023 9:58:08 PM
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