Crypto Funding: Investment Firms Dominate $359M Week

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Crypto firms raised over $359 million in new funding rounds this week.

Among the big draws: venture capital firm Web3 CoinFund, attracted $158 million from institutional investors, family offices and high net worth individuals.

CoinFund is an avid investor in startups, recently helping to inject $10 million into the Neutron blockchain network. The company also contributed to pre-seed rounds for Dfinity and Cryptoys in 2017 and 2021, respectively.

The nine-figure cash injection will allow CoinFund to continue contributing to pre-seed and seed investments in the Web3 ecosystem.

CoinFund, founded in 2015, employs nearly 30 people and has over 100 investments across six investment vehicles. Over the past 18 months, the company has raised more than $550 million using venture capital and liquid investment strategies, according to a release.

Other investment firms have brought in new capital this week. PSE Trading, a Hong Kong-based digital asset fund, has raised $10 million, a representative affiliated with Blockworks said. Cipholio Ventures was a key investor in the company.

Meanwhile, Polychain Capital, a stalwart of the crypto investment world, reportedly raised $200 million this week for a fourth crypto venture fund, according to Fortune.

Blockworks contacted Polychain to confirm but did not receive an immediate response.

Elsewhere, Futureverses’ $54 million Series A showed there may still be an appetite for virtual worlds among venture capitalists.

Futureverse had only two named investors: 10T Holdings and Ripple, with the latter recently winning a partial victory in its years-long legal battle with the SEC.

Futureverse is a merger of 11 different companies and now focuses entirely on metaverse applications. A key component: artificial intelligence (AI) content generation tools designed to enhance the music, objects, characters, and animations that make up metaverse experiences.

Futureverse is best known for its mobile soccer game, AI League, which is licensed with FIFA. Last year, Futureverse released an AI-powered boxing game featuring the likeness of fighting legend Muhammad Ali.

Meanwhile, zero-knowledge startup RISC Zero has secured $40 million in a Series A round led by Blockchain Capital. Participants included Galaxy Digital, IOSG, RockawayX, and Maven 11, among others.

In August 2022, RISC Zero debuted by closing a $12 million funding round led by Bain Capital Crypto.

With the latest funding, the company plans to commercialize its Bonsai computing platform. According to a press release, Bonsai aims to provide zero-knowledge parallel proof technology to developers in any language and on any channel.

Other Notable Fundraisers Cosmic Wire, a Web3 technology company, raised $30 million to develop decentralized apps. Groups linked to two rival networks led the round: the Solana Foundation and Polygon. P0x Labs, the team building the Manta Network, closed a $25 million Series A round and hit a $500 million valuation in the process. Polychain Capital was a lead investor. Binance Labs has invested $10 million in a DeFi lending protocol called Radiant. Ethena, a startup developing an Ethereum-based stablecoin, raised $6 million from Dragonfly Capital and others. Former BitMEX co-founder and ex-CEO Arthur Hayes also participated.

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