VC (venture capital) overview
Investors are focusing on blockchain analytics, gaming, and crypto privacy. The latest crypto and blockchain companies to receive funding include Bubblemaps, CoinScan, Hinkal Protocol and Mythic Protocol.
Despite tight liquidity and adverse macroeconomic conditions, crypto startups continue to raise funds. September saw some big developments in this space, with Farmville co-founder Amitt Mahajan raising $33 million to create a Web3 game, and Animoca Brands revealing $20 million in capital to fuel development of its Mocaverse platform.
The latest projects are still raising funds despite the long-term downward trend in the market. In another related development, Blockchain Capital closed two new funds in September with $580 million set to invest in crypto gaming and decentralized finance projects in the coming months.
Data visualization startup Bubblemaps secures $3.2 million
Data visualization startup Bubblemaps has raised €3 million ($3.2 million) in a seed funding round led by INCE Capital. According to the startup, the funding will be used to expand its team, hire additional developers, and expand its social media marketing initiatives. Stake Capital, Momentum 6, Lbank, V3ntures, Ledger’s Nicolas Bacca, Hacken’s Dyma Budorin, and French entrepreneur Owen Simonin also contributed to the funding. The company has ambitions to become the Google Analytics of Web3. It has been reported that partnerships have been established with Arbitrum, Polygon, Avalanche and BNB Chain.
Blockchain analytics company CoinScan raised $6.3 million in September
The company aims to provide security checks, holder and airdrop analysis, and social sentiment analysis services to the crypto community. CoinScan is the first product from CryptoHub, a Web3 company focused on the blockchain economy, backed by DraftKings' largest individual shareholder and billionaire Shalom MecKenzie, as well as investor support from Playtech and iAngels.
MecKenzie said in a statement: Cryptocurrencies, like sports betting, should provide people with the tools and data to evaluate risk and reward. He claimed that CoinScan will provide data from multiple sources to provide charting insights.
Hinkal Protocol secures $4.1M to enhance privacy in DeFi transactions
Privacy protocol Hinkal has raised $4.1 million in a seed funding round led by Draper Associates. The protocol aims to provide an advanced privacy layer that shields transactions and assets in various decentralized finance (DeFi) protocols from public view, according to a statement.
This round of financing also received participation from Psalion Hedge Fund, NGC Ventures, NoLimit Holdings, Draper Dragon, Peer VC, Orange DAO, Web3.com Ventures and other institutions. Draper Associates has invested in a series of technology companies, including Hotmail, Skype, Baidu, Tesla, SpaceX, Twitch, Cruise, Carta, Webflow, Robinhood and Coinbase.
Mythic Protocol raises $6.5M for collaborative entertainment
Mythic Protocol raised $6.5 million in a seed round led by Shima Capital founder Yida Gao in partnership with Alpha JWC, Saison Capital, GDP Ventures, Planetarium Labs and others. The project's team is building a collaborative entertainment ecosystem using a games-first strategy to acquire, retain and expand users. The funding will be used to develop and launch early core products over the coming months, with a focus on gamers, creators and investors.
Gao Yida said: As a founding team with over 250 games launched since 2009, and from one of the largest game studios in Southeast Asia, we have no doubt that they will continue their successful record into the next game cycle.
Before it’s over: ConsenSys launches pre-accelerator program for Web3 founders
Technology company ConsenSys has announced the launch of its pre-accelerator program, called the ConsenSys Fellowship, designed to support early-stage Web3 startups. The program is designed to help early-stage startups bridge the gap between potential ideas and functional businesses, products or tools. This 12-week program will provide guided workshops, weekly classes, mentorship, and access to the ConsenSys network to accelerate the growth of up to 15 startups. The Fellowship team will be eligible for follow-on investment from the $1.5 million fund.
