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Reasons VCs Invested Billions In These Crypto Projects

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Venture Capitalists (VCs) have bet very largely on 10 cryptocurrency projects. What could be the reason for that?

Following the fall of bad CeFi actors within the cryptocurrency space and the higher interest rates, some thought that Venture Capitalists no longer favored cryptocurrency.

2022 recorded unparalleled flows of Venture Capitalists’ funding into the crypto business.

Notably, the VC’s capital flow has reduced in 2023 as they have become more discriminating.

But their efforts have continued even up to 2023, given their investment in these promising crypto projects.

READ ALSO:Nigerian Government Approves National Blockchain Policy

Yuga Labs: $450 Million Funding Round

Even though the NFT marketplace increased in 2021, most venture capitalists were still bullish due to digital collectibles’ sustained demand and growth.

However, last March 22, the BAYC (Bored Ape Yacht Club) Yuga Labs led by Andreessen Horowitz (a16z) and Animoca Brands, among others, shut down one of the biggest funding rounds. It was closed at USD 450M.

Polygon (MATIC): USD 450M Funding Round

BILLION

Source:

On February 7, 2022, the funding round for Polygon’s USD 450 million was concluded.

It aimed to broaden the scaling solutions of the exchange and eventually take care of the mainstream adoption of Web3 applications.

It attracted the interests of Sequoia Capital India as well as Galaxy Digital.

Polygon has proven it aims to create real-world tangible effects globally.

READ ALSO: Coinbase New Loan To Stop Operations Next Week

Secret Network: USD 400M Funding Round

BILLION

Source:

Last year January 20, the privacy-centric Secret Network raised a funding of USD 400M.

This funding comprises $225M in ecosystem funds and a $175M accelerator pool.

The significant investors are DeFiance Capital, Hashkey, CoinFund, and much more.

Near Protocol: USD 350M Funding Round

BILLION

Source:

In April 2022, Tiger Global headed a USD 350M funding round for Near Protocol with Dragonfly Capital and Republic Capital, among others.

As per this article, there seems to be a MOVE VC Fund that invests especially in new projects within the NEAR ecosystem.

It may show that venture capitalists have great faith in this L1’s nightshade technology, giving it a technical advantage over others.

Acala Network: USD 250M Ecosystem FundRaise

BILLION

Source:

Acala announced last March 23 about funding a $250M ecosystem fund.

It launched the fund to help early-stage startups that work on Polkadot and Kusama-based dApps, which Acala’s USD stablecoin supports.

The fundraising of this ecosystem was facilitated by the joint efforts of LongHash Ventures and Digital Finance Group, Polkadot’s leading 9 para chains and top VCs.

The Graph: USD 205 Ecosystem Funding

BILLION

Source:

The group of 6 leading venture capitalists headed by DCG (Digital Currency Group) and Multicoin Capital co-founded a fund of $205M for the Graph, a top indexing layer for the blockchain and Web3 data.

The aim is to support projects all over multiple sectors building the Graph’s querying technology.

ZkSync: USD 200M Series C Fund Rounds

BILLION

Source:

Despite the bear market, Dragonfly Capital and Blockchain Capital co-led a $200M Series C funds for the user-centric ZK roll-up platform zkSync.

Aptos Labs: USD 200M Strategic Funds Round

BILLION

Source:

In a report by TechCrunch, the faith which venture capitalists show in Aptos is due to its capacity to attract developers. It is also due to its confidence in using the Move programming language, which Meta created.

Berachain: USD 42M Private Rounds Raise

BILLION

Source:

Headed by Polychain Capital, the L1 Berachain was able to close a $42M private fundraising round.

Monad Labs: USD 19M Seed Round Raise

BILLION

Source:

With 70 other venture capitalists, Dragonfly Capital raised $19M in seed funding for another L1.

Monad aims to revamp the EVM execution process with the Monad blockchain.

This will enable non-overlapping transactions and blockchains implementation, and consensus layer to operate in parallel.

Conclusion

Due to the risks involved in the FTX issues and the problematic macroeconomic situations, many venture capitalists have become very cautious when making investments.

Yet despite their caution, cryptocurrency VCs are still resilient. Moreover, this group of investors may believe that cryptocurrency has come to stay despite its high risk.

 

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