Funding Roundup: Glow, Nillion and Ellipsis all announce big raises
Spire, Citrea and Nillion also announced raises this week
Ben Mbark/Shutterstock modified by Blockworks
‘Twas the week before the US presidential election, when all throughout crypto, deals were announced.
Okay, that kind of worked. And since we’re officially past Halloween, I get to whip out my Christmas references.
Anyway, this week saw plenty of funding announcements, including a $30 million raise from DePIN Glow.
Read more: DePIN: A recipe for public goods on public goods
The $30 million sum was broken into two investments: A round, co-led by Framework Ventures and Union Square Ventures that topped $6.5 million, and a $23.5 million solar investment.
“The capital raised will be used to optimize Glow’s blockchain protocol so that it can handle future investments at a large scale, as well as facilitate the immediate onboarding of a new 4 MW solar farm in Rajasthan, India, bringing the total capacity installed on Glow in the last month to over 5.3 MW,” a press release said.
Glow is a solar infrastructure protocol on Ethereum. It awards GLW tokens to solar farms in return for their electricity production.
Read more: Helium eyes energy sector with new solar power play
“From our perspective, we think that Glow’s unique incentive designs, combined with real and meaningful market demand for their clean energy and solar energy products, makes it a trailblazer in the crypto space. So long as stakeholder interest in carbon neutrality continues, we think Glow could see massive adoption across multiple markets,” Framework’s Michael Anderson said.
But Glow isn’t the only shiny, big raise on the block this week.
Ellipsis Labs raised $21 million in a round led by Haun Ventures.
The raise will help launch Atlas, which is a blockchain “purpose-built for verifiable finance.” Back in April, Ellipsis announced a Series A raise of $20 million, which was led by Paradigm.
Blockworks co-founders Jason Yanowitz and Michael Ippolito were both angel investors in the round.
Other notable rounds:
- Nillion announced a $23 million round, bringing its total funding to $50 million. The round was led by Hack VC, with participation from GSR and HashKey.
- Citrea said it raised $14 million in a Series A led by Founders Fund. Mirana, Maven11 also participated.
- Spire announced a $7 million raise in a round led by Anagram and Maven11. A16z Crypto CSX, and Bankless also participated.
- Nitro Labs said it raised $4 million in a seed round led by Lemiscap. Other participants include Borderless, Race Capital, among others.
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