November strengthened venture capitalists' confidence in cryptocurrency and Web3 projects, with major funding rounds returning to the dockets along with seed capital for early-stage companies.
Cross-chain protocol Wormhole, for example, secured a $225 million investment at a $2.5 billion valuation. The round was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital.
Another example of capital flocking to Web3 is Rokid. Backed by Temasek Holdings, the startup raised $112 million at a $1 billion valuation for international expansion, targeting the next generation of virtual reality hardware solutions.
Additionally, early-stage cryptocurrency startups cashed smaller checks in November, and BITKRAFT Ventures lent a hand to creative economy platforms and gaming studios in recent weeks.
Cointelegraph's venture capital (VC) roundup features some of the projects that raised capital in November.
Music collaboration platform Baton raises $4.2 million
Collaboration platform Baton has closed a $4.2 million funding round led by BITKRAFT Ventures with participation from Techstars, Dorm Room Fund, New York University Innovation Venture Fund, Berkley Center for Entrepreneurship, Dark Arts, Franklin Templeton and Harmonic Future. By leveraging this capital, Baton plans to expand its team and accelerate its product roadmap. The startup is developing an ecosystem dedicated to addressing key issues in the music industry by curating and delivering content “to the right ears, at the right time,” as well as encouraging collaboration and fair compensation for creators. “As a lifelong musician, I've seen how challenging it can be for even the most talented creatives to support themselves with their work,” Baton CEO Gabe Warshaw said in a statement, adding that the number of songs unpublished is a “tremendous untapped quantity. ” Market opportunity.
@baton_media has raised $4.2 million in a funding round led by @BitkraftVC with participation of @Techstars, @DormRoomFundNew York University Innovation Venture Fund, Berkley Center for Entrepreneurship, DarkArts, @FTI_USHarmonic Future and angels.
https://t.co/nnPPgz6ryo pic.twitter.com/Y9O3f7bcmy
– Fundraising Roundup (@CryptoRank_VCs) November 15, 2023
Saga closes initial financing of 5 million dollars
Layer-1 protocol Saga has raised $5 million in a seed round led by venture capital firm Placeholder along with Longhash Ventures, Dispersion Capital, Red Beard Ventures, Tykhe Ventures, and AVID3. The total funding raised by the company reached $13.5 million. The funds will be used to expand Saga's team, create strategic partnerships and grow its Saga Innovator program, according to an announcement. In total, Saga claims to have almost 300 projects based on its protocol, while its mainnet is expected to go live in early 2024. The startup will also launch its Incentivized Testnet (ITN) Pegasus, which reportedly processed more than 150,000 transactions and created 30,000 wallets within two weeks of its launch.
Game Studio Bazooka Tango Raises $5 Million from BITKRAFT Ventures
Game studio Bazooka Tango has raised $5 million in a funding round led by BITKRAFT Ventures, with participation from RW3 Ventures, Sfermion, 1Up Ventures and others, according to an announcement. In addition to expanding the studio's team, the funding will accelerate development of its collectible tactics game Shardbound. The startup was founded in March 2019 by Bo Daly and Stephan Sherman, former employees of Rockstar Games, Riot, and Activision Blizzard. Additionally, Bazooka Tango is collaborating with Immutable Games on collectible tactics games.
Authentick raises $4 million for walletless collectible purchases
Authentick, a platform that offers walletless collectibles purchases, revealed $4 million in seed funding led by Singapore venture capital firm Menyala. The funds will be used for development and partnerships, according to a news release. Authentick converts digital collectibles into formats compatible with e-commerce platforms, allowing users to purchase them as regular retail items. The platform also recently announced partnerships with e-commerce giants like Lazada and Alibaba's Shopify.
Web3 Intract gaming platform raises $3 million
Exploration platform Web3 Intract secured $3 million in seed funding from Alpha Wave, BITKRAFT, gumi Cryptos Capital, Polygon, DeVC, MoonPay, Web3 Studios, and tokentus Investment AG. The startup offers community engagement solutions, allowing users to earn tokens and NFTs by participating in quests, challenges, and events. Key partnerships include Binance, Polygon and 1inch.
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