February 2024 Ignites a Flurry of Financing in Crypto Venture Capital: Big Players and New Startups in Focus
Summary:
Crypto venture capital demonstrates strong performance in February 2024, with notable financings in Analog and Lava Protocol. Private equity firms Deus X Capital and Bridgetower Capital unveil a $250 million blockchain platform for institutional investors. Founders Fund invests $200 million into Bitcoin and Ether, amidst possible approvals of Bitcoin ETFs. Featured startups raising capital include Lava Network, securing $15 million for its modular network; RW3 Ventures backed with $60 million breaking into blockchain and decentralized finance sectors; Helika closing an $8 million Series A round for AI-driven gaming management products; Truflation accumulating $6 million for its daily inflation data services; and Omega gathering $6 million for profitable Bitcoin collateralization.
Crypto venture capital has had a strong start in the second month of 2024. Early February saw Analog, a cross-chain protocol, bag $16 million in financing, while Lava Protocol drew in an additional $15 million. Private equity firms Deus X Capital and Bridgetower Capital, leading the alternative investment sector, declared the start of a new $250 million blockchain platform aimed at institutional investors in the Middle East.
Peter Thiel's Founders Fund made an impressive move last year in 2023 by reportedly investing $200 million into Bitcoin and Ether. Their gamble seems to be paying off as the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S is gaining traction. Venture capitalists are following suit, craving direct interaction with cryptocurrencies.
A few startups making headway with capital acquisition this February feature in Cointelegraph's VC Roundup. Lava Network secured $15 million in seed capital to contribute towards the launch of its modular network. Top backers included Jump Capital, Hashkey Capital, and Tribe Capital. Lava aims to simplify protocol interaction through RPC requests (Remote Procedure Call), mitigating the current issues of a disjointed and confusing blockchain infrastructure. Lava's founder, Yair Cleper, stated, "With Lava, developers can break free from infrastructure constraints and flex their creativity on any chain."
Early-stage VC firm, RW3 Ventures, backed with $60 million from The Raptor Group and one of the Abu Dhabi's sovereign wealth funds - the Mubadala Capital, is breaking into the blockchain and decentralized finance sector. Helika, an infrastructure and data analytics firm, has successfully closed an $8 million Series A round to advance its AI-driven gaming management products.
Truflation, a provider of inflation data, has reeled in $6 million in funding from various investors. The company provides an alternative to government-released monthly data by assessing inflation changes daily. Lastly, Omega, a startup promising profitable Bitcoin (BTC) collateralization, has drawn in $6 million in funding, with plans to release its beta version by mid-2024.
Published At
2/16/2024 12:33:06 AM
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