VC Feb Report, the number of fundraising projects increased by 14%
Colin Wu . 2024-03-05 . Data

Author: WuBlockchain

According to RootData statistics, there were a total of 134 public investment projects in the cryptocurrency VC sector in February, an increase of 13.6% compared to January 2024 (which had 118 projects) and a 1.5% increase year-on-year (compared to February 2023, which had 132 projects). Note: Since not all financing rounds are announced in the same month, the above figures may increase in the future. The primary industry classifications are as follows:

In February, among the various tracks in the cryptocurrency market, the financing amount for infrastructure projects accounted for approximately 24%, DeFi approximately 16%, CeFi approximately 5%, NFT/GameFi approximately 13%, and L1/L2 approximately 7%.

The total financing amount in February was $700 million, an increase of 6.1% compared to January 2024 ($660 million) and a 27.1% decrease year-on-year compared to February 2023 ($960 million). Among them, the top 10 rounds by amount are as follows:

Andreessen Horowitz (a16z) invested $100 million in EigenLayer, with founder Kannan stating that a16z was the sole investor in this round. Previously, the company raised $50 million in a round in March and currently refuses to provide EigenLayer’s valuation.

L1/L2 project Flare Network raised $35 million in private financing, with Kenetic, Aves Lair, and others participating in the investment. Early investors in the project voluntarily agreed to extend the token allocation from 2024 to the first quarter of 2026 and implement sales restrictions, limiting daily sales to no more than 0.5% of total trading volume. Flare supports the creation of smart contract protocols, focusing on pricing oracle.

Modular project Avail on Polygon completed a $27 million seed round of financing, led by Founders Fund and Dragonfly. Avail was spun off from Polygon in March 2023, aiming to provide data availability solutions, and the new funds will be used to develop its three core products: Avail DA, Nexus, and Fusion Security.

Mobile crypto payment app Oobit announced that it has raised a $25 million Series A financing round, with Solana Labs co-founder Anatoly Yakovenko and Tether Limited participating. The financing will help its expansion in the Asia-Pacific region, Latin America, and the United Arab Emirates. Oobit plans to allow external electronic wallets to make crypto payments.

Cross-chain interoperability protocol Analog completed a $16 million seed round and strategic round of financing with a valuation of $120 million, led by Tribe Capital, with participation from NGC Ventures, Wintermute, GSR, NEAR, Orange DAO, Mike Novogratz’s Samara Asset Group, Balaji Srinivasan, and others. The core team of Analog is located in Bangkok and Zurich.

Modular project Lava completed a $15 million seed round of financing, jointly led by Jump Capital, Hashkey Capital, and Tribe Capital, with undisclosed executives from Celestia, Cosmos, StarkWare, Filecoin, and other blockchain ecosystems also participating in this round of financing. The Lava network is currently in the testnet phase.

Rollup project AltLayer completed a $14.4 million strategic round of financing, co-led by Polychain Capital and Hack VC, with participation from OKX Ventures, HashKey Capital, Bankless Ventures, Primitive Ventures, SevenX, Bas1s Ventures, Mask Network, IOSG, and TRGC.

L1/L2 project Nibiru Chain announced the completion of a $12 million financing round, with investors including Kraken Ventures, ArkStream, and NGC Ventures, among others. In addition, Nibiru has completed a total of $6 million in community sales on CoinList.

DePIN project MXC received a $10 million strategic investment led by JDI Ventures, a subsidiary of JDI Global. The MXC team has launched the first Layer3 zkEVM solution on Arbitrum.

MPC wallet company Fordefi announced the completion of a $10 million financing, led by Electric.

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