Despite challenging market conditions and macroeconomic factors, cryptocurrency startups continue to secure funding. In September, the crypto space witnessed significant developments, including Amitt Mahajan, co-creator of Farmville, raising an impressive $33 million for the development of Web3 games. Similarly, Animoca Brands disclosed a $20 million capital infusion dedicated to advancing its Mocaverse platform.
Furthermore, Blockchain Capital made headlines by closing two new funds in September, totaling $580 million, which will be deployed towards crypto gaming and decentralized finance projects in the coming months. Even amidst a prolonged bear market, the cryptocurrency sector is witnessing a surge in fundraising activities, as evidenced in this VC roundup.
Bubblemaps Secures €3 Million for Data Visualization:
Bubblemaps, a data visualization startup, successfully secured €3 million (approximately $3.2 million) in a seed funding round led by INCE Capital. The funds will be utilized for expanding the team, hiring additional developers, and enhancing social media marketing efforts. Other contributors to the funding round include Stake Capital, Momentum 6, Lbank, V3ntures, Nicolas Bacca of Ledger, Dyma Budorin of Hacken, and French entrepreneur Owen ‘Hasheur’ Simonin. Bubblemaps aims to become the Web3 equivalent of Google Analytics and has already formed partnerships with Arbitrum, Polygon, Avalanche, and BNB Chain.
CoinScan Raises $6.3 Million for Blockchain Analytics:
In September, crypto analytics platform CoinScan successfully raised $6.3 million. CoinScan offers safety checks, holder analysis, airdrop analysis, and social sentiment analysis for the crypto community. CoinScan is the inaugural product from CryptoHub, a Web3-focused company backed by Shalom MecKenzie, the largest individual shareholder of DraftKings, along with investors from Playtech and iAngels. Shalom MecKenzie stated that CoinScan will provide comprehensive data insights from multiple sources to empower individuals to assess risk and reward.
Hinkal Protocol Secures $4.1 Million for Enhanced DeFi Privacy:
Privacy protocol Hinkal raised $4.1 million in a pre-seed funding round led by Draper Associates. Hinkal is designed to offer an advanced privacy layer, ensuring that transactions and assets across various DeFi protocols remain shielded from public visibility. The funding round also included participation from Psalion Hedge Fund, NGC Ventures, NoLimit Holdings, Draper Dragon, Peer VC, Orange DAO, Web3.com Ventures, and others. Notably, Draper Associates has a track record of investments in prominent tech companies.
Mythic Protocol Raises $6.5 Million for Collaborative Entertainment:
Mythic Protocol closed a $6.5 million seed round co-led by Yida Gao of Shima Capital, alongside Alpha JWC, Saison Capital, GDP Ventures, and Planetarium Labs, among other investors. Mythic Protocol is working on a collaborative entertainment ecosystem that employs a game-centric approach to acquire, retain, and expand its user base. The raised funds will be used to develop and launch core offerings, with a particular focus on gamers, creators, and investors.
Before we conclude, it’s worth noting that technology company ConsenSys has launched the ConsenSys Fellowship, a pre-accelerator program aimed at supporting early-stage Web3 startups. This 12-week program offers guided workshops, weekly curricula, mentorship, and access to ConsenSys’ network, with the potential for follow-on investments from a $1.5 million fund for Fellowship teams.