The Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.
Per a report by Galaxy, 2024 has been a good year for the fundraising industry, as there has been a steady uptick in the funds raised. As of July 1, founders are reporting an active fundraising environment.
Even though there was a drop in deal count from 603 in the first quarter to 577 in the second, capital invested paints a different picture with a rise to $3.2 billion in Q2 from Q1âs $2.5 billion.
Data shows a 28% increase in capital invested quarter over quarter. When it comes to geographical location, United States-headquartered companies accounted for more than 40% of all deals in Q2.
The United Kingdom followed suit with 10%, and Singapore enjoyed 8.7% of all deals.
As for the most recent crypto VC funding rounds, crypto.news compiled the latest announcements from Sept. 15 to Sept. 21 using data obtained from Crypto Fundraising. Letâs look at the companies that grabbed headlines with million dollar-plus rounds.
The Open Network, $30 million
TON is a layer-1 blockchain that was originally developed as the Telegram Open Network.
Now known as The Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018.
Bitget and Foresight Ventures contributed to the latest fundraising effort.
"@bitgetglobal and @ForesightVen have made a strategic $30 million investment in The Open Network (#TON) blockchain. This investment aims to enhance the development of Telegram-based projects, focusing on tap-to-earn games such as @hamster_kombat and @thenotcoin." đVia⊠pic.twitter.com/qT9ChDhh4p
â TON đ (@ton_blockchain) September 18, 2024
Drift Protocol, $25 million
Drift Protocol is a Solana-based DEX that offers spot trading, swaps and perpetual futures.
It closed a $25-million Series B funding round led by Multicoin Capital.
The firm has raised over $52.3 million so far.
Drift is excited to announce a $25M Series B led by @multicoincap with participation from @blockchaincap, @FoliusVentures, @MaelstromFund, and @primitivecrypto.Drift is building the most capital-efficient DeFi platform â a SuperApp that offers all your favorite trading⊠pic.twitter.com/YqcacmDviO
â BET on Drift (@DriftProtocol) September 19, 2024
Helius, $21.75 million
Helius is a provider of RPC Nodes, APIs, webhooks and developer tooling.
Lead investors of the $21.75 million include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One and Spearhead.
Helius has raised a total of $34.35 million so far.
friends and enemies,announcing our latest raise from the best of the bestwe have one purpose: accelerate crypto & solana app devswe're solving big problems in distributed systems at immense scale and speeds with the best engineers around â come join usnow back to work pic.twitter.com/0XCVIvPonv
â mert | helius.dev (@0xMert_) September 19, 2024
Hemi Labs, $15 million
Hemi Labs is a layer 2 protocol focusing on security and interoperability across Bitcoin (BTC) and Ethereum (ETH).
The firm raised $15 million from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc.
The Hemi team is proud to announce the closing of its $15M strategic seed round, led by @binancelabs, @breyercap, and @BigBrainVC. Excited for what's to come!https://t.co/E1zxMW6VqC #bitcoin #ethereum pic.twitter.com/P4T1apIE3j
â Hemi Network (@hemi_xyz) September 18, 2024
Pipe Network, $10 million
Pipe Network, is an incentivized internet infrastructure, clinched $10 million from Multicoin Capital.
Permissionless Labs Inc closes $10 million in funding to build out @pipenetwork The round was led by @multicoincap https://t.co/dEQupkAjih
â Pipe Network (@pipenetwork) September 16, 2024
Yellow Network, $10 million
Yellow is a blockchain product and infrastructure company.
Investors like Consensys, GSR, Global, Gate.io Labs, ZBS Capital and others contributed toward the startupâs $10 million fundraising round.
âĄïž @Yellow has announced the closure of its $10M seed funding roundYellow Network, a decentralized clearing network for digital assets, raises $10M in seed funding led by @Ripple Co-Founder and Silicon Valley pioneer @Chrislarsensf. Additional round participants included⊠pic.twitter.com/VrBjZgOUZ7
â đșđŠ CryptoDep #StandWithUkraine đșđŠ (@Crypto_Dep) September 18, 2024
Additional funding rounds under $10 million
TrueX: The non-custodial, stablecoin-native exchange officially launched with $9 million in funds courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation and Aptos.
Fermah: CSX, Lemniscap, Bankless Ventures and LONGHASH Ventures are among the backers of a $5.2-million round
Vana: Coinbase Ventures, Manifold, GSR, DeFiance Capital and Auros participated in a $5-million fundraising effort.
Cudis: The startup collected $5 million from Draper Associates, Anthony Scaramucciâs SkyBridge Capital, Penrose, Block Patch, Trinito and other investors.
For last weekâs column, click here.
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