Despite the tight liquidity and adverse macroeconomic conditions, crypto startups have been able to raise significant capital in September. Several major developments in the space have contributed to this trend.
One notable example is Amitt Mahajan, the co-creator of Farmville, who raised $33 million to create Web3 games. This funding will help Mahajan further develop his vision for the future of gaming and bring it to life.
Another significant development is the disclosure of $20 million in capital by Animoca Brands, which aims to push forward the development of its Mocaverse platform. This platform holds great potential for the integration of blockchain technology and digital identities in the gaming industry.
Blockchain Capital, a prominent venture capital firm, closed two new funds in September, totaling $580 million. These funds will be used to finance projects in the crypto gaming and decentralized finance sectors. Despite the market’s downward trend, Blockchain Capital remains committed to supporting innovative projects in the blockchain space.
In the data visualization sector, Bubblemaps secured $3.2 million in a seed funding round led by INCE Capital. The startup plans to use the funding to expand its team, recruit additional developers, and enhance its social media marketing initiatives. Bubblemaps aims to become the go-to data analytics platform for Web3, with partnerships already established with Arbitrum, Polygon, Avalanche, and BNB Chain.
CoinScan, a crypto analytics platform, raised $6.3 million to provide safety checks, holders and airdrop analysis, and social sentiment analysis across the crypto community. Backed by DraftKings’ top individual shareholder and billionaire Shalom MecKenzie, CoinScan aims to empower users with the necessary tools and data to assess risk and reward in the crypto market.
Hinkal Protocol secured $4.1 million in a pre-seed funding round led by Draper Associates. This privacy protocol offers an advanced privacy layer for decentralized finance (DeFi) trading, shielding transactions and assets from public visibility. The funding will enable Hinkal to enhance privacy and security in the DeFi ecosystem.
Mythic Protocol closed a $6.5 million seed round, led by Shima Capital, for its collaborative entertainment ecosystem. The project aims to acquire, retain, and scale users through a game-first strategy. The funds will be used to develop and launch core offerings for gamers, creators, and investors.
In other news, ConsenSys has launched its pre-accelerator program, ConsenSys Fellowship, to support early-stage Web3 startups. The program aims to bridge the gap between ideas and functional businesses, offering guided workshops, mentorship, and access to ConsenSys’ network. Fellowship teams will also be eligible for follow-on investments from a $1.5 million fund.
Despite the challenging market conditions, these recent funding rounds demonstrate the continued interest and investment in the crypto and blockchain space. The development of innovative projects and platforms shows that the industry remains resilient and determined to shape the future of finance and technology.
