Despite challenging macroeconomic conditions and tight liquidity, cryptocurrency startups have continued to secure funding. In September, there were significant developments in the space, including Amitt Mahajan, the co-founder of Farmville, raising $33 million for the development of Web3 games, and Animoca Brands unveiling a $20 million acquisition to support its Mocaverse platform.
Blockchain Capital also made headlines by closing two new funds in September, earmarking $580 million for investment in crypto gaming and decentralized finance (DeFi) projects in the coming months. In this venture capital (VC) roundup, we explore the latest projects that have successfully raised funds in the crypto market, despite its recent downward trend.
Bubblemaps, a data visualization startup, secured €3 million ($3.2 million) in a seed funding round led by INCE Capital. The funds will be used to expand the team, hire additional developers, and bolster social media marketing efforts. Bubblemaps aspires to become the "Google Analytics of Web3" and has already established partnerships with prominent blockchain platforms like Arbitrum, Polygon, Avalanche, and BNB Chain.
In September, cryptocurrency analytics platform CoinScan raised $6.3 million. CoinScan offers a range of services, including security checks, holder and airdrop analysis, and social sentiment analysis for the crypto community. It is the flagship product of CryptoHub, a Web3 company dedicated to the blockchain economy, backed by investors like DraftKings' major shareholder Shalom MecKenzie. CoinScan aims to provide comprehensive data from multiple sources to assist users in assessing the risks and rewards associated with cryptocurrencies.
Mythic Protocol secured $6.5 million in a seed funding round led by Gao Yida, the founder of Shima Capital, with co-leadership from Alpha JWC, Saison Capital, GDP Ventures, Planetarium Labs, and others. The team behind Mythic Protocol is building an entertainment ecosystem that prioritizes gaming strategies to attract and retain users. These funds will be used to develop and launch initial core products catering to gamers, creators, and investors.
Tech company ConsenSys introduced its pre-accelerator program, the ConsenSys Fellowship, designed to support early-stage Web3 startups. This 12-week program offers mentoring, workshops, weekly classes, and access to the ConsenSys network to accelerate the growth of up to 15 startups. Additionally, fellowship teams will have the opportunity for follow-on investments from a $1.5 million fund, helping promising ideas evolve into fully functional businesses, products, or tools within the Web3 ecosystem.
