Research Summary
The report provides a detailed analysis of crypto fundraising activities for the week of 17th to 23rd September 2023. It highlights the funding rounds of 17 blockchain startups that collectively raised $145.8M. The report also provides insights into the companies, their missions, and the investors involved.
Key Takeaways
Overview of Funding Rounds
- Seed and Pre-seed Rounds Dominated: The report indicates that seed and pre-seed rounds were the most common, with seven startups raising $89M and one startup raising $2.3M respectively.
- Strategic and Unknown Rounds: Four startups raised $15M in strategic rounds, while another four raised $17.5M in unknown rounds.
- Series A Round: Only one startup, Mesh, raised $22M in a Series A round.
Notable Fundraisings
- Proof of Play: This game studio and blockchain technology company raised $33M in a seed round, the largest funding of the week. They focus on creating engaging on-chain games with true player asset ownership.
- Bastion: Bastion, a platform that combines Web2 and Web3 technologies, raised $25M in a seed round. They aim to enhance business possibilities in payment, entertainment, connectivity, and shopping.
- Mesh: Mesh, a startup developing a service for easy transfer and management of digital assets, raised $22M in a Series A round.
Investor Participation
- Andreessen Horowitz: The venture capital firm was a notable participant, investing in multiple startups including Proof of Play, Freatic, and Bastion.
- Robot Ventures: This investor also participated in multiple rounds, investing in Essential and Bastion.
- Various Other Investors: A wide range of other investors participated in the funding rounds, including Greenoaks Capital, Naval Ravikant, Balaji Srinivasan, Justin Kan, Gabby Dizon, and others.
Company Missions and Goals
- Advancing Web3 Ecosystem: Many of the funded startups, such as Proof of Play, Bastion, and Afterparty, aim to advance the Web3 ecosystem through their products and services.
- Enhancing User Experience: Companies like Mesh and Orb Technology focus on improving user experience in the digital asset and social media landscape respectively.
- Security and Compliance: Startups like GRVT and Chamber prioritize security and regulatory compliance in their offerings.
Actionable Insights
- Investigate the Potential of Web3: The report highlights the growing interest in startups advancing the Web3 ecosystem. Stakeholders should explore this trend further.
- Consider the Importance of User Experience: The success of startups like Mesh and Orb Technology underscores the importance of user experience in the digital landscape.
- Assess the Role of Security and Compliance: The focus on security and compliance by startups like GRVT and Chamber indicates the critical role these factors play in the crypto space.
