Every month, many companies, emerging or already well established in the crypto ecosystem, manage to attract the interest of investors and obtain financing. The month of October 2024 was no exception to the rule, since more than a billion dollars was raised by companies with strong potential.
The main fundraisings in October: more than $1.2 billion invested in crypto companies
Every month, numerous rounds of tables, also called fundraising roundsare organized and carried out so that companies with promising projects raise money and can develop.
As of October 2024, crypto projects managed to raise over $1.2 billion, of which over $835 million was raised by just 5 of them.
According to data from the DropsTab site, here are the 5 main fundraisings carried out by Web3 companies during the month of October 2024:
The 5 biggest fundraisers of October 2024 in the crypto sector
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5 – Towns
- Funding Series : Series A
- Launch date of the business and/or project : October 15, 2024
- Amount raised : $25.5 million
Towns presents itself as a social network, on chain and decentralized. The platform inherits a certain resemblance to Discord and Slack messaging but allows users to create and own digital assets (NFT, cryptos) to manage their communities.
The different spaces, which are based on smart contracts, will be accessible with certain conditions such as holding one (or more) NFT proving membership in a community.
According to Towns founder and CEO Ben Rubin, this measure would reduce the nuisance caused by bots and unwanted users intruding into specific discussions.
The Series A funding round closed on October 15, the same day as the official launch of the platform, with $25.5 million raised. In total, between the 2 Series A fundraising rounds, Towns will have raised $51 million.
These last 2 rounds saw the participation of renowned investment funds such asAndreessen Horowitz (a16z), Framework Ventures and Benchmark. Thanks to these funds raised, Towns aims to expand his team and continue to develop his underlying protocol, Rivera second layer (L2) solution of the Ethereum blockchain.
4 – Yellow Card
- Funding Series : Series C
- Launch date of the business and/or project : June 2019
- Amount raised : $33 million
Yellow Card is an African fintech startupmainly recognized for its attributes as a stablecoin payments platform. Although the platform operates mainly off-chain to ensure reduced fees for its usersit allows the holding and exchange of the most important crypto such as BTC or ETH.
The payment platform is currently established in 20 African countries and allows its customers to transfer money across borders while paying a fraction of the fees associated with traditional cross-border transfers.
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Yellow Card's competitive advantage in the countries where it operates has led to partnerships with major crypto companies like Coinbase.
During the Series C financing round led by Blockchain Capital which closed on October 16, Yellow Card raised $33 million with actors such as Polychain Capital, Winklevoss Capital and Galaxy among others. Since its first fundraising in 2020, Yellow Card has totaled $89.5 million in investments.
Thanks to this new funding, the company will seek to expand its customer base and offer its service in other countries such as Ethiopia, Egypt and Morocco.
3 – Azra Games
- Funding Series : Series A
- Launch date of the business and/or project : May 2022
- Amount raised : $42 million
Azra Games is a video game studio dedicated to creating immersive role-playing games (RPG), with the ambition of developing and launching one, or more, mainstream video games which will ultimately integrate Web3 game mechanics.
Mark Otero, the CEO and founder of Azra Games is best known for being behind the highest-grossing game in Electronic Arts (EA) history : Galaxy of Heroes. Azra Games' first planned game is called Project Legends and it will first be available on mobile and then will be adapted for traditional consoles and PC.
Although according to a report from Coingecko, 76% of Web3 games launched between 2019 and 2023 have disappearedmainstream games such as Off The Grid are reviving hopes for this crypto sub-sector.
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Thus, the financing round led by a16z and Pantera Capital saw the participation of actors such as Coinbase Ventures, NFX and Franklin Templeton and ended with 42 million dollars raised. Since its first funding round in 2022, Azra Games has raised $67 million.
2 – Blockstream Mining Notes
- Funding Series : Funding round
- Launch date of the business and/or project : November 2014
- Amount raised : $210 million
Blockstream is a company specializing in the development of technologies for the Bitcoin blockchain. She is the originator of the Liquid Network sidechain, which allows transactions faster and more confidential than on the Bitcoin mainnet.
Blockstream is also developing satellite broadcasting solutions to make Bitcoin accessible even without the Internet. It is widely considered one of the most influential companies in the crypto sphere.
During its last round, led by Fulgur VenturesBlockstream raised $210 million in exchange for convertible bonds. Since 2014, Blockstream has totaled $632 million in investments.
The company also recently named Michael Minkevich as Chief Operating Officer (COO).
The funds raised will be used to advance the development and accelerate the adoption of Blockstream's second-layer solutions, as well as to develop mining infrastructure and expand its Bitcoin treasury..
1 – Praxis
- Funding Series : Funding Round
- Launch date of the business and/or project : April 2022
- Amount raised : $525 million
Praxis aims to build the first “ Network State », or Networked State in French. Praxis raised a whopping $525 million to build a tech city Who ” will be designed to attract entrepreneurs and foster advancements in artificial intelligence (AI), cryptography, biotechnology, energy and advanced manufacturing… »
Although the Praxis project is very ambitious, the location of the future city has not yet been determined. However, the company is currently exploring locations in Latin America and the Mediterranean regions.
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During its latest fundraising, Praxis raised 525 million dollars of which 500 million is allocated to Gem Digital. To unlock this entire allocation, Praxis will have to provide tokenized land assets to its investors as the project progresses..
Source: DropsTab
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Théo Zananiri
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