November witnessed a resurgence of venture capitalist interest in crypto and Web3 projects, marked by significant funding rounds for both established and emerging companies in the sector.
One notable investment was in the cross-chain protocol Wormhole, which garnered a substantial $225 million investment, valuing the company at $2.5 billion. This funding round saw participation from a range of investors including Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital, and Arrington Capital.
In another significant move, Rokid, a startup backed by Temasek Holdings, raised $112 million at a $1 billion valuation. This funding is aimed at fueling Rokid’s international expansion, particularly in developing the next generation of virtual reality hardware solutions.
Moreover, the month saw a flurry of activity in early-stage crypto startups. BITKRAFT Ventures, for instance, extended support to platforms in the creative economy and gaming studios.
Cointelegraph’s venture capital roundup highlighted several projects that secured funding in November. Among them, collaboration platform Baton closed a $4.2 million funding round led by BITKRAFT Ventures. This capital injection will help Baton expand its team and accelerate its product development. Baton is focused on revolutionizing the music industry by facilitating content curation and delivery, promoting collaboration, and ensuring fair compensation for creators.
Layer-1 protocol Saga also made headlines with a $5 million seed extension round led by Placeholder, along with other investors. This funding brings Saga’s total capital raised to $13.5 million, which will be utilized for team expansion, strategic partnerships, and the growth of its Saga Innovator Program. Saga’s mainnet launch is anticipated in early 2024.
Game studio Bazooka Tango secured $5 million in a funding round led by BITKRAFT Ventures. The studio, founded by veterans from Rockstar Games, Riot, and Activision Blizzard, plans to use the funds to develop its collectible tactics game, Shardbound, and expand its team.
Authentick, a platform enabling wallet-free purchases of collectibles, announced a $4 million seed funding round led by Menyala. The funds will support development and partnerships, with Authentick focusing on integrating digital collectibles with e-commerce platforms.
Lastly, Web3 exploration platform Intract raised $3 million in seed funding from a consortium of investors. The startup offers community engagement solutions where users can earn tokens and non-fungible tokens (NFTs) through various activities. Intract has already established key partnerships with industry giants like Binance and Polygon.
These investments reflect a growing confidence in the potential of blockchain, crypto, and Web3 technologies, signaling a robust future for these sectors.
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