The Open Network and Drift Protocol stand out as the leading firms in funds raised over the past week.
According to a report by Galaxy, 2024 has shown great promise for the fundraising sector, with a consistent increase in funds raised. As of July 1, founders have indicated a vibrant fundraising landscape.
Despite a decline in deal count from 603 in Q1 to 577 in Q2, the capital invested presents a different narrative, rising to $3.2 billion in Q2 from $2.5 billion in Q1.
Data indicates a 28% rise in capital invested quarter over quarter. Geographically, companies based in the United States represented over 40% of all deals in Q2.
The United Kingdom contributed 10%, while Singapore accounted for 8.7% of the total deals.
As for recent crypto VC funding rounds, crypto.news consolidated the latest updates from September 15 to September 21 based on data sourced from Crypto Fundraising. Here’s a look at the companies that made waves with their million-dollar funding rounds.
The Open Network, $30 million
- TON is a layer-1 blockchain originally created as the Telegram Open Network.
- Rebranded as The Open Network (TON), it secured $30 million this week and over $54 million since its 2018 inception.
- Bitget and Foresight Ventures played key roles in this latest fundraising initiative.
Drift Protocol, $25 million
- Drift Protocol is a decentralized exchange (DEX) on Solana that provides spot trading, swaps, and perpetual futures.
- It completed a $25 million Series B funding round, spearheaded by Multicoin Capital.
- To date, the firm has raised over $52.3 million.
Helius, $21.75 million
- Helius specializes in providing RPC Nodes, APIs, webhooks, and developer tools.
- Major backers of the $21.75 million round include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One, and Spearhead.
- Helius has now raised a cumulative total of $34.35 million.
Hemi Labs, $15 million
- Hemi Labs is a layer 2 protocol aimed at enhancing security and interoperability between Bitcoin (BTC) and Ethereum (ETH).
- The firm secured $15 million from a group of investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, and others.
Pipe Network, $10 million
- Pipe Network, which focuses on incentivized internet infrastructure, raised $10 million from Multicoin Capital.
Yellow Network, $10 million
- Yellow is a company specializing in blockchain products and infrastructure.
- Contributors to the startup’s $10 million funding round include Consensys, GSR, Global, Gate.io Labs, ZBS Capital, and others.
Additional funding rounds under $10 million
- TrueX: The non-custodial, stablecoin-native exchange has officially launched with $9 million in funding from RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation, and Aptos.
- Fermah: A $5.2 million round attracted backers such as CSX, Lemniscap, Bankless Ventures, and LONGHASH Ventures.
- Vana: This startup received $5 million in support from Coinbase Ventures, Manifold, GSR, DeFiance Capital, and Auros.
- Cudis: The company secured $5 million from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito, and other investors.
For last week’s column, click here.
