The week of June 2-8 saw an influx of funding into the blockchain space, with 21 startups raising a total of $399.7 million from venture capital firms and angel investors.
Data of crypto-fundraising.info/blog/dates-02-08-jun-2024/” target=”_blank” rel=””>crypto Fundraising shows that five startups raised more than $108 million between them in series A rounds, and another seven startups raised a combined total of $52.6 million in unknown rounds.
Additionally, three startups raised $19 million in seed rounds and one startup raised $10 million in a private round. Below is a breakdown of the most notable financing rounds:
Avail raises $43 million in series A financing
Avail, known for its data availability network, raised $43 million in a Series A round led by Founders Fund, Dragonfly, and Cyber Fund. Other contributors in the round included SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures and Chapter One.
The latest funding round follows Avail's $5 million pre-seed rounds and $27 million seed rounds in March 2023, after it was spun off from Polygon.
Avail reportedly plans to use the funds to develop its unification layer and merge security layer, which aim to improve the scaling and security of the modular blockchain.
M^0 obtains 35 million dollars in the series A round
Another big Series A winner was the decentralized stablecoin minting protocol M^0.
The startup, which pronounces its name “M Zero,” raised $35 million in a round led by Bain Capital crypto, a subsidiary of private equity firm Bain Capital.
The fundraising also included contributions from Galaxy Ventures, Wintermute Ventures, GSR, Caladan and SCB 10X.
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The funding, structured as shares plus tokens, will support M^0's continued development of its stablecoin ecosystem. So far, M^0's total funding amounts to $57.5 million.
The company raised $22.5 million in seed funding from Pantera Capital in April 2023.
The Sandbox raises $20 million
Metaverse and web3 gaming company The Sandbox raised $20 million from Kingsway Capital and Animoca Brands, increasing their valuation to $1 billion.
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According to The Sandbox, the funding will enhance its creator economy, expand its decentralized mobile metaverse platform, and improve social features, avatar skills, and 3D editing tools on the platform.
Tether invests $18.75 million in XREX Group
Not to be left out of the venture capital funding race, stablecoin issuer Tether announced an $18.75 million investment in XREX Group, a regulated blockchain financial institution.
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According to a Press release Provided by XREX, this move aims to facilitate USDT-based cross-border payments in emerging markets.
It will also launch XAU1, a stablecoin pegged to Tether Gold (XAUt). Tether CEO Paolo Ardoino described the partnership as improving financial inclusion in emerging markets.
Glacier Labs and Mint Blockchain raise a combined total of $13 million
Glacier Labs, a Layer 2 rollup network, and Mint Blockchain, an ethereum L2 network for the nft industry, collectively raised $13 million. Glacier Labs raised $8 million in seed funding from Foresight x, UOB Venture Management, Laser Digital, KuCoin Ventures and others.
Mint Blockchain, on the other hand, raised $5 million from Jsquare, SNZ Capital, Antalpha Ventures, and more.
The funds will support Glacier Network's decentralized application (dapp) infrastructure and the expansion of Mint's network, which already supports more than 80 applications and has 400,000 active users.
Everclear raises $5 million from Pantera Capital
Another beneficiary of the week's venture capital action was Everclear.
The San Francisco-based company, formerly known as Connext, increase $5 million through an over-the-counter (OTC) deal with Pantera Capital.
According to the company, the funds will develop Everclear's “clearing layer”, which aims to solve the liquidity fragmentation of modular blockchains.
Stashh Labs and Halo Wallet raise $6.3 million
Closing out our roundup of crypto fundraising activities during the first week of June are Stashh Labs and Halo Wallet, which together raised $6.3 million.
Stashh Labs raised more than $3.3 million from investors including Animoca, 6th Man Ventures, Shima Capital, and Hashkey Capital to support the launch of Stashh 2.0.
For its part, Halo Wallet raised $3 million from Cyberport, HashKey Capital, IDG Capital and KuCoin Ventures to accelerate its social monetization mission.
Both companies aim to improve their platforms with new features and expanded support for multiple blockchain ecosystems.
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