Last week, an injection of $201.4 million was poured into crypto projects from various venture capital and investment firms. Spotlighting this venture wave wereFutureverse, a metaverse startup, and RISC Zero, a provider of zero-knowledge-proof tools. These companies grabbed lion’s share, with Futureverse scoring $54 million and RISC Zero obtaining $40 million in their respective Series A rounds.
Futureverse, led by 10T Holdings and Ripple Labs, has an expansive ambition. They aim to revolutionize the digital ecosystem by melding 11 metaverse infrastructure and content companies. Their innovative technology, including the Futureverse Platform and The Root Network, are expected to benefit from these funds. Other notable beneficiaries from this funding round were Cosmic Wire, Manta Network, Echooo Wallet, Side Protocol, and Over Protocol, testifying to the escalating interest in infrastructure funding.
June alone saw upwards of $210 million disbursed in infrastructure funding. Last week, Seattle-based Risc Zero, guided by CEO Brian Retford, managed to secure $40 million. They are focused on enhancing accessibility and efficiency of ZK-powered applications across different computing environments. Their fund raisers included Blockchain Capital, Bain Capital Crypto, Galaxy Digital, IOSG, and RockawayX.
Cosmic Wire likewise obtained $30 million in a seed round backstopped by key investors such as the Solana Foundation and Polygon marking it as the first-ever cross-chain-funded Web3 company. Manta Network bagged $25 million, and Over Protocol’s key driver, Superblock received $8 million from major South Korean companies and venture capitalists – SK, Netmarble, DSC, E&Investment, Schmidt, SpringCamp, and NaverZ.
In contrast, Cross-blockchain liquidity network builder Side Labs, pocketed a smaller $1.5 million via a SAFT round boosted by investors such as Hashkey Capital, KR1, Continue Capital, and Symbolic Capital.
While crypto fundraising spiked to $947 million in February 2023, a subsequent decline has been recorded. June hit a low point, with a 23.11% decrease from May. Despite this, evident growth in 2023 showcases the continued positive trend driven by exciting developments and legal victories. Prominent players like BlackRock, VanEck, WisdomTree, and Fidelity applying for Bitcoin ETFs andRipple’s legal triumph against the SEC, have substantially lifted industry sentiment.
In essence, the continuous momentum of investments into the crypto space signposts a promising future lane for crypto innovations and growth. The ride might be a roller coaster, yet the overall trend underlines that the future of crypto remains bright. Despite a certain ebb and flow, venture capitalists’ attention towards crypto remains unhindered and the potential for growth appears optimistic.
Source: Cryptonews
