The crypto fundraising landscape witnessed a significant surge in July, with deal volume soaring by 72.9% month-over-month to $1.44 billion, according to Messari. Despite a slight decline in the number of deals, which dropped to 177, the influx of capital highlights the continued interest in the blockchain and cryptocurrency sectors. However, this growth is tempered by a growing sense of caution among venture capitalists.
Leading the charge in early-stage investments were Pantera Capital and Mirana Ventures, which backed some of the largest deals. Yet, the optimism is mixed with a note of prudence. Adam Cochran of Cinneamhain Ventures pointed out that limited partners (LPs), who are primarily focused on outperforming index fund returns, now find a more favorable risk-reward ratio in Bitcoin and Ether holdings compared to early-stage startups.
A recent survey by law firm Barnes & Thornburg also revealed that LPs are increasingly prioritizing liquidity and better earnings. This shift has led to more stringent financing terms, reflecting the heightened scrutiny in the market.
In the first weeks of August, several startups managed to secure significant funding, with decentralized physical infrastructure networks (DePIN) standing out as a key area of interest.
Parfin Raises $10M to Expand Blockchain Infrastructure
Digital asset infrastructure provider Parfin completed a $10 million Series A funding round, led by ParaFi Capital. The round also saw participation from Framework Ventures, L4 Venture Builder, and Núclea. Parfin plans to use the funds to expand its operations in Asia, Latin America, and Europe, and to further develop its enterprise-grade blockchain, Rayls. The company has now raised a total of $38 million.
Andrena Secures $18M for Decentralized Wireless Network
Andrena, a wireless internet service provider, raised $18 million to launch DAWN, a decentralized autonomous wireless network. The investment was led by Dragonfly, with contributions from CMT Digital, Castle Island Ventures, and others. DAWN enables homes to act as network hosts through their own internet infrastructure, using proof of location and proof of frequency for trustless consensus. Andrena currently operates across 10 U.S. states and recently introduced a Proof of Backhaul Validator Chrome Extension.
Blockscout Closes $3M Seed Round for EVM Data Exploration
Blockscout, an open-source block explorer for EVM networks, secured $3 million in a seed round led by 1kx, with participation from Primitive Ventures, Gnosis, and several angel investors. The funding will be used to enhance its product suite, improve user experience, and expand its Explorer-as-a-Service (EaaS) offering. Blockscout supports over 600 networks and provides both self-hosted and hosted explorer services.
Cartridge Raises $7.5M for Onchain Gaming Development
Game developer Cartridge raised $7.5 million in a Series A funding round led by BITKRAFT Ventures. The funds will be used to support the development of Dojo 1.0, an open-source framework for blockchain-based games, and a rollup-as-a-service specifically designed for onchain gaming. Cartridge aims to streamline the creation of onchain virtual worlds, making blockchain game development more accessible and efficient.
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Source : Coin Telegraph
