Crypto Startups Continue to Raise Capital Despite Market Conditions
Despite the tight liquidity and adverse macroeconomic conditions, crypto startups have been successful in raising capital. In September, several significant developments took place in the industry. Amitt Mahajan, the co-creator of Farmville, raised $33 million to develop Web3 games. Animoca Brands also disclosed that they gathered $20 million in capital for their Mocaverse platform.
Furthermore, Blockchain Capital closed two new funds with a total of $580 million. These funds will be deployed in projects related to crypto gaming and decentralized finance in the coming months. This VC roundup highlights the resilience of projects raising capital despite the downward trend in the market.
Bubblemaps Secures $3.2M for Data Visualization
Data visualization startup Bubblemaps has secured €3 million ($3.2 million) in a seed funding round led by INCE Capital. The funding will be used to expand the team, hire more developers, and enhance social media marketing efforts. Other contributors to the funding include Stake Capital, Momentum 6, Lbank, V3ntures, Ledger’s Nicolas Bacca, Hacken’s Dyma Budorin, and French entrepreneur Owen ‘Hasheur’ Simonin.
Bubblemaps aims to become the Google Analytics of Web3 and has formed partnerships with Arbitrum, Polygon, Avalanche, and BNB Chain.
Blockchain Analytics CoinScan Raises $6.3M
Crypto analytics platform CoinScan raised $6.3 million in September to provide safety checks, holders and airdrop analysis, and social sentiment analysis across the crypto community. CoinScan is the first product from CryptoHub, a Web3 company backed by billionaire Shalom MecKenzie and investors from Playtech and iAngels. The platform aims to empower users with data from multiple sources for making informed decisions.
Hinkal Protocol Secures $4.1M for Privacy in DeFi Trading
Privacy protocol Hinkal raised $4.1 million in a pre-seed funding round led by Draper Associates. The protocol offers an advanced privacy layer for transactions and assets in various decentralized finance (DeFi) protocols. Psalion Hedge Fund, NGC Ventures, NoLimit Holdings, Draper Dragon, Peer VC, Orange DAO, Web3.com Ventures, and others also participated in the funding round.
Mythic Protocol Raises $6.5M Seed Round for Collaborative Entertainment
Mythic Protocol closed a $6.5 million seed round co-led by Shima Capital’s Yida Gao, Alpha JWC, Saison Capital, GDP Ventures, and Planetarium Labs. The project focuses on a collaborative entertainment ecosystem that prioritizes gamers, creators, and investors. The funding will be used to develop and launch core offerings in the coming months.
ConsenSys Launches Pre-Accelerator Program for Web3 Founders
Technology company ConsenSys has introduced the ConsenSys Fellowship, a pre-accelerator program aimed at supporting early-stage Web3 startups. The program offers guided workshops, mentorship, weekly curricula, and access to ConsenSys’ network to accelerate up to 15 startups. Fellowship teams will also have the opportunity to receive follow-on investments from a $1.5 million fund.
Hot Take: Crypto Startups Remain Resilient in Raising Capital
Despite challenging market conditions, crypto startups have demonstrated their ability to secure significant funding. This showcases the confidence investors have in the potential of Web3 technologies. The recent capital raises by Bubblemaps, CoinScan, Hinkal Protocol, Mythic Protocol, and the launch of the ConsenSys Fellowship are all positive indicators for the growth and development of the crypto industry. As more innovative projects emerge and secure funding, the ecosystem continues to evolve, bringing us closer to a decentralized future.
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