While it's true that startup funding has been difficult to come by in 2023, that doesn't mean that the well has dried up completely — that's especially true in the crypto space.
Last week, crypto startups raised more than $200 million in venture funding, led by a $54 million raise for metaverse startup Futureverse and a $40 million Series A round for RISC Zero.
The retail investing side has seen a similar comeback in recent months with companies like Gameflip already raised over $1 million from retail investors.
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Who's Getting The Money?
The ongoing crypto winter failed to deter infrastructure projects, which displayed remarkable resilience. Six funding rounds were secured by various projects falling under the infrastructure category. These projects include RISC Zero, Cosmic Wire, Manta Network, Echooo wallet, Side Protocol and Over Protocol.
Of particular interest are RISC Zero and Manta Network, as they both concentrate on zero-knowledge technologies, an emerging cryptographic method for securely validating transactions while preserving user privacy.
Another success story emerged from Binance Labs-backed decentralized finance lender Radiant Capital. The announcement of its project's deal caused its token RDNT to surge by over 10% to reach 31 cents.
On a related note, Polychain Capital, a crypto-focused firm, reached an impressive milestone by raising $200 million in an initial close for its fourth venture capital fund.
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The full list of crypto companies that raised money last week includes:
- Interface: $1.4 million
- Side Protocol: $1.5 million
- Ethena: $6.5 million
- Over Protocol: $8 million
- Radiant Capital: $10 million
- SKYPlay: $10 million
- Echooo: $15 million
- Manta Network: $25 million
- Cosmic Wire: $30 million
- RISC Zero: $40 million
- Futureverse: $54 million
Despite the challenges posed by the 2023 crypto winter, the startup funding landscape in the crypto space remains active. Last week's impressive funding of over $200 million showcased the resilience of infrastructure projects. Promising startups like Futureverse and RISC Zero secured significant amounts, signaling ongoing opportunities in the industry.
See more on startup investing from Benzinga:
- Don't just buy from your favorite brands, own them so you own the upside. Learn how Retail Investors Are Taking Stakes In Their Favorite Startups To Own The Upside
- Gamers are selling their old gaming items for millions. Learn why everyday gamers and investors are claiming a stake in their side hustles and how they invested over $1.2 million in this startup.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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