Funding Roundup: Major Raises of $1B and $200M Join Startup Spree

Over $1.3 billion in investments poured into the crypto sector this week


Blockworks exclusive art by Axel Rangel


key takeaways

  • Luna Foundation Guard raised $1 billion in a private token sale, while Amber Group closed a $200 million extended Series B round
  • Amid the massive rounds, there were more modest raises too, including a $33 million Series B for InfStones and a $34 million raise for Aligned

As February comes to an end, cryptocurrencies are showing signs of recovery and capital is continuing to roll into crypto.

Over the past 24 hours, the cryptocurrency market was up 9.7%, according to prices. The two largest cryptocurrencies by market capitalization, bitcoin and ethereum, were up 9.9% and 11.35%, respectively, as of 9:45 am ET Friday.

Over $1.3 billion in investments poured into the crypto sector this week. This is in part due to some major funding rounds including Luna Foundation Guard’s $1 billion private token sale, which is one of the largest raises in the crypto sector, and Amber Group’s $200 million extended Series B round.

Amid the massive rounds, there were low to multi-million dollar raises, too, including a $33 million Series B closed by blockchain infrastructure provider InfStones and a $34 million raise by a DeFi and Web3 infrastructure platform Aligned. 

Total value locked on DeFi (decentralized finance) protocols has surged in the past 12 months, from $52 billion to $196 billion, according to data from DeFi Llama. With that hike in TVL, demand has also increased for the sector, Aligned founder Sam Cassatt told Blockworks on Thursday.

“Demand will continue to grow,” Cassatt said. “I don’t see this slowing down, it’s getting larger day by day.” 

Web3 and DeFi dominated the emerging technology investment landscape in Q4 2021, with $2.4 billion invested across 26 deals during that time frame, according to a PitchBook report on Thursday. The two sectors accounted for about 13%, or $4.3 billion of the $33 billion, invested capital in crypto last year.

Other notable capital raises this week include: 

  • DeFi protocol Teller served up a $6.85 million strategic raise
  • Blockchain-based game Cradles closed a $5 million private round led by Animoca Brands
  • DeFi app Catalog logged $7.5 million to help create a cross-chain and multichain future
  • Emerging Web3 startup Fast Break Labs filled a $6M seed round led by Patron and Pantera Capital 
  • Binance-backed fantasy strategy game Heroes of Mavia roped in $2.5 million, led by Capital.

Check back next week for more funding news.

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

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


Upcoming Events

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

Screenshot 2024-05-23 091855.png


Bitcoin L2s aim to boost scalability while preserving decentralization and security, unlocking a better user experience, and new avenues for Bitcoin-powered innovations. However, no existing Bitcoin L2 leverages the full security of Bitcoin.



As part of the #Breakout2024 plans, Radix has introduced Token Trek


House members ask Gensler to keep a “consistent and equitable approach” with ether ETF proposals after the agency approved spot bitcoin ETFs in January


Using old-world instruments to address crypto user experience challenges goes against what this industry set out to do


And, weeks of a potential crypto ETF decision are no stranger to chaos


The FIT21 Act marks the second crypto-focused piece of legislation to advance in Congress this month


More than half of Solana transactions fail