Funding Roundup: Crypto Companies in India, Switzerland Secure VC Funds

Two separate projects received $100 million in funding last week

article-image

Blockworks exclusive art by axel rangel

share

key takeaways

  • 5ire becomes blockchain unicorn after securing valuation reaches $1.5 billion following fundraising
  • Gnosis Safe rebrands as “Safe” and raised $100 million in funding led by early-stage crypto fund 1kx

Venture capital firms continue to spread their funds to crypto startups around the globe, marking yet another week of dollars finding their way into the space despite the bear market.

India-based blockchain startup 5ire secured a $100 million Series A led by investors including Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital — giving it unicorn status as it reached a valuation of $1.5 billion.  

“5ire plans to aggressively grow into implementing the set of use cases and providing related services to those willing to be pioneers in their field of business by employing 5ireChain based solutions,” a 5ire representative told Blockworks. 

The company currently has an estimated 110 employees and plans to continue expanding its finance, human resources, technology, content, marketing, partnerships and business development teams.

Well-known digital asset management platform Gnosis Safe rebranded as “Safe” following a community vote and raised $100 million in funding led by early-stage crypto fund 1kx.

The foundation said the cash will allow Safe to develop a series of ecosystem applications and tools on its smart contract account protocol. 

Safe was not the only company that 1kx extended its coffers to this week. The firm also led funding for cross-chain infrastructure protocol Li.Finance. 

In Switzerland, Nevermined, a Web3 ecosystem development company focused on providing tools for users to read, write and own digital assets raised a 3 million euro ($3 million) seed round co-led by Signature Ventures and Polymorphic Capital. 

The startup started off as an incubation project within Keyko, a full-stack Web3 product and services company, and was aiming to solve issues around data sharing with tokenization and smart contract gateways. As it evolved, it became a decentralized digital assets solution with broader applicability.

“We see many startups that try to combine Data with Blockchains. Nevermined is the first company that understands the complexities and provides actual solutions at the intersection of Data and Web3,” Juliane Hahn, managing director at Signature Ventures, said in a statement.

“In the future, every data-driven company will require the ability to turn their data silos into data ecosystems.”

Moving forward, Nevermined CEO Don Gossen told Blockworks that the company plans to focus its efforts on marketing and branding and improve scalability by making its modular services more readily available via different channels.

Other capital raises this past week: 

  • Animoca Brands, the Hong Kong-based gaming software and venture capital company behind The Sandbox, secured $75 million to expand its ‘open metaverse’ concept. Following the raise, the company is now valued at $5.9 billion.
  • Quadrata, a startup that is building a Web3 identity passport, raised a $7.5 million seed round led by Dragonfly Capital Partners.
  • Decentralized sports gaming Scorefam secured $25 million from Global Emerging Market via an initial coin offering.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates (1).png

Research

Metaplex, the leading NFT protocol on Solana, has established a dominant position due to its comprehensive suite of tools. It has a functioning economic model with a buyback program that enhances its value through revenue generated from SOL-denominated fees. While initially focused on NFTs, Metaplex is diversifying its offerings to include non-NFT services, indicating a promising future as a comprehensive token creation suite on Solana.

article-image

Plus, Elon Musk’s laser eyes could be a sign of things to come

article-image

Nirvana Labs said its revenue has increased 650% this year, and has raised $5.7 million across rounds

article-image

Plus, TON has a ton of future plans, and Blur still reigns supreme

article-image

Geth may curtail support if EOF goes AWOL

article-image

Plus, other stories you may have missed from Solanaland this week