This week’s crypto funding highlights embody investments in web3 gaming, Ethereum scaling, Bitcoin infrastructure and decentralized AI.
Riot Platforms takes over Block Mining
Our funding roundup begins with a takeover. On July 24, Bitcoin (BTC) mining agency Riot Platforms stated it had acquired Block Mining, a Kentucky-based Bitcoin miner, in a $92.5 million deal.
In keeping with Riot, this acquisition may probably enhance its operational capability by 60 megawatts, with plans to increase to 110 MW by the top of 2024.
Riot paid $18.5 million in money and $74 million in frequent inventory for the acquisition.
NPC Labs, $18 million
Web3 gaming infrastructure startup NPC Labs, based by three former Coinbase staff, raised $18 million in a seed funding spherical.
Pantera Capital led the spherical, with participation from Mantle EcoFund, Makers Fund, Bitscale Capital, Hashed, Mirana Ventures, and Collab+Forex.
It brings the full amount of cash raised by the mission to $21 million after it raked in $3 million in a current pre-seed spherical.
NPC Labs stated it’s going to use the funding to herald new members to the crew, particularly engineers. It’s also angling to extend the adoption of on-chain gaming by its gaming scaling ecosystem, B3.enjoyable, which is constructed on Base.
Caldera, $15 million
Caldera, a web3 infrastructure platform, additionally benefited from this week’s VC exercise, elevating $15 million in a collection A funding spherical.
Founders Fund led the spherical, which additionally included participation from Lattice, Dragonfly, Arkstream Capital, and Sequoia Capital. It brings Caldera’s whole funding to $25 million, with the mission having raised $10 million in 2023.
The U.S.-based startup goals to assist builders launch Ethereum rollups or scaling networks “with a single click.” It has a protracted record of shoppers, together with Injective, RARI Chain, and ApeChain, which altogether have a complete worth locked of greater than $800 million.
Igloo Inc., $11 million
NFT mission Pudgy Penguins’ father or mother firm Igloo, Inc., additionally bought in on the motion, elevating $11 million to develop Summary, a brand new layer-2 scaling community on Ethereum (ETH).
Founders Fund led Igloo’s funding spherical, which included investments from Selini Capital, Everest Ventures, 1kx and Fenbushi Capital.
Igloo reportedly plans to make use of the cash raised to ascertain a brand new entity, Dice Labs, to supervise the event of Summary.
In June, Igloo acquired one other Layer-2 community, Body, which majorly helps NFTs. Igloo has stated that it’s going to use the crew from Body to assist construct the Summary mission.
Bitlayer, $11 million
Bitcoin Layer-2 startup Bitlayer efficiently raised $11 million in its collection A funding spherical. The spherical, led by Franklin Templeton, ABCDE, and Framework Ventures, brings Bitlayer’s whole funding to $16 million.
Notably, Franklin Templeton’s participation marks the primary strategic funding from an ETF-licensed establishment in a Bitcoin Layer-2 mission.
Different notable crypto VC fundraising
Whereas the above-mentioned initiatives introduced within the largest investments this week, a number of different notable rounds helped push the week’s VC funding whole, together with the Riot Platforms deal, to greater than $210 million. Beneath are a few of them, in line with knowledge from Crypto Fundraising:
- aPriori raised $8 million in a seed funding spherical led by Pantera Capital, bringing its whole funding to $10 million.
- Mezo raised $7.5 million in a strategic funding spherical led by Ledger Cathay Fund.
- OpenSocial raised $6 million in strategic funding led by Framework Ventures and North Island Ventures, bringing its whole funding since inception to $26 million.
- DAOBase accomplished a $6 million funding spherical with investments from SevenX Ventures, AntAlpha Ventures, and extra.
- Network3 raised $5.5 million in pre-seed and seed funding. The spherical included Borderless Capital, EV3, IoTeX Eco fund, SNZ, Waterdrip Capital, and Bing Ventures.
- Redpill AI secured $5 million in its seed funding spherical led by Animoca Manufacturers and DFG.
