HomeBlockchainStartups in the blockchain industry secure $258 million in funding within a...

Startups in the blockchain industry secure $258 million in funding within a week

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Blockchain Startups Raise Over $258 Million in Funding: Farcaster Leads with $150 Million Series A

Blockchain startups had a record-breaking week of fundraising, with over $258 million raised collectively from May 19 to May 25. The standout in this surge was decentralized social protocol Farcaster, which secured a massive $150 million in its series A round.

According to Crypto Fundraising, a total of 21 startups received funding during this period. Four of them raised $179.2 million in Series A rounds, while 12 startups received $24.1 million through undisclosed rounds. Additionally, five startups obtained $21.3 million from seed rounds, two got $20 million from strategic rounds, two earned $9 million from private rounds, and one raised $5 million from a public sale round.

Farcaster’s series A funding round was led by venture firm Paradigm and saw participation from a16z crypto, Haun Ventures, Union Square Ventures, and Standard Crypto, among others. This investment propelled Farcaster’s valuation to $1 billion, marking its entry into unicorn status. Co-founder Dan Romero revealed that the capital will be used to increase daily active users and enhance developer tools.

Another notable funding announcement came from Plume Network, a Layer 2 network focused on integrating real-world assets onto blockchain platforms. The company raised $10 million in a seed round led by Haun Ventures, with participation from Galaxy Ventures, Superscrypt, A Capital, SV Angel, and Portal Ventures.

Blockless, a decentralized physical infrastructure network project, secured $8 million in early funding rounds. The funds will support the launch of a test network in the coming weeks, with plans for a main network release in Q3 2024.

Other startups that announced funding rounds during this period include Pencils Protocol, IVX, Cysic, and RunesFi. Pencils Protocol raised $2.1 million in a seed round, IVX secured $1.2 million, Cysic raised $12 million in a pre-A funding round, and RunesFi received $400,000 in funding.

Overall, the week was a testament to the growing interest and investment in blockchain startups, with a diverse range of projects attracting significant funding to fuel their growth and development.

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