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Venture Capitalists Fuel Crypto And Web3 With Major Investments in November

Algoine News
Summary:
In November, confidence grew among venture capitalists for crypto and Web3 projects like Wormhole and Rokid, which secured massive investments. Smaller early-stage crypto startups also benefitted with BITKRAFT Ventures funding platforms and gaming studios. Baton, a music collaboration platform, managed to obtain $4.2 million to expand its team and speed up product development. The same trend continues with Layer-1 protocol firm Saga, game studio Bazooka Tango, and collectible marketplace Authentick securing millions in seed funding. Finally, Web3 exploration platform Intract joins the list with $3 million seed funding to encourage users to earn tokens and NFTs.
In November, crypto and Web3 projects saw a surge in investor confidence, with key funding rounds and seed capital making headlines. Cross-chain protocol Wormhole, as an example, secured a hefty investment of $225 million that pushed its valuation to $2.5 billion. Notable investors in the round included Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital. Also, Rokid, a startup supported by Temasek Holdings locked in $112 million at a $1 billion valuation. The funds are earmarked for the global development of next-generation virtual reality hardware solutions. In addition to the major investments, a selection of budding crypto startups received smaller investments during November, thanks to assistance from BITKRAFT Ventures. Various creative economy platforms and gaming studios received their support. Among the Cointelegraph-listed ventures that garnered funding in November was the music-focused platform Baton that raised $4.2 million. Aiding Baton’s quest into the music industry, which targets key obstacles in content delivery and creator compensation, came from BITKRAFT Ventures, Techstars, Dorm Room Fund, NYU’s Innovation Venture Fund, the Berkley Center for Entrepreneurship, Dark Arts, Franklin Templeton, and Harmonic Future. Baton intends to use the funds to expand its team and expedite product development. Another startup, Saga, which operates a Layer-1 protocol, raised $5 million in seed extension funding led by venture capital firm Placeholder and other contributors. The company will use the money to recruit new team members, develop strategic partnerships, and enhance its Saga Innovator Program. The company purports to have almost 300 projects in operation and is expected to launch its mainnet in early 2024. Game studio Bazooka Tango also corralled $5 million from BITKRAFT Ventures and others. The funding will fast-track the development of the studio's game, Shardbound, and foster team expansion. In partnership with Immutable Games, Bazooka Tango aims to flesh out the world of collectible tactic games. Authentick, a platform that facilitates the wallet-free purchase of collectibles, joined the ranks of successful startups by securing $4 million in seed funding. Contributions from Singaporean venture capital firm Menyala will be put towards the development of the platform and forging new collaborations. Lastly, Web3 exploration platform Intract locked down $3 million in seed funding from various contributors. The platform empowers users to earn tokens and NFTs by joining in quests, challenges, and events, and boasts significant partnerships with Binance, Polygon, and 1inch.

Published At

12/7/2023 12:10:00 AM

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