Funding Wrap: TRM Labs, Ramp, Notifi Get New Cash Infusions

The funds keep flowing, even as the industry reels from the collapse of FTX

article-image

Lemonsoup14/Shutterstock

share

November has been a turbulent month in the cryptocurrency space. There have, however, been some notable fundraising deals as the industry continues to build during crypto winter.

Most significantly, TRM Labs, a blockchain intelligence company, revealed that it had received $70 million in additional funding from software investment company Thoma Bravo — bringing its total Series B funding to $130 million.

Goldman Sachs, PayPal Ventures, Amex Ventures and Citi Ventures also participated in the round. Its earlier $60 million raise, in December 2021, was led by Tiger Global.

The latest fundraise will allow TRM to continue product development and deliver tools designed to combat illicit finance and fraud in the cryptocurrency space.

“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM. “As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge.”

On-ramp in an off market

Ramp, a fintech startup connecting crypto payments to the wider financial system, secured $70 million from its latest Series B. 

The raise was co-led by Mubadala Capital and Korelya Capital, and it brings the total amount raised by Ramp to $122.7 million over the past year. 

The UK based-based startup is well-known in the crypto gaming space, and is integrated with major payment platforms including Apple Pay and Google Pay.

“Despite current market conditions, we see a growing trend of web2 companies looking to move into web3, and we’re uniquely positioned to help them through this transformation. That’s why we’re doubling down on growth. A bear market is a builder’s market, and we’re fully committed to our vision,” said Szymon Sypniewicz, co-founder and CEO at Ramp.

Heads up: Notifi raises $10M

Web3 communications infrastructure platform, Notifi received $10 million in a funding round co-led by Hashed and Race Capital.

It will be using the funding to expand cross-chain messaging to different blockchains including Polygon, Avalanche and Aptos.

“As Web3 goes mainstream, the next wave of users will want a simple text or email alert when something important happens,” said CEO Paul Kim.

PlayEmber, Fordefi, Ping

These were just some of the companies that have received funding since FTX’s collapse shook up the crypto market. Some other notable investments include:

  • PlayEmber, a Web3 monetization platform for mobile games received $2.3 million in pre-seed from Shima Capital. 
  • Fordefi, a company working on institutional-grade security and smart contract transparency, secured an $18 million seed round led by lightspeed Venture Partners.
  • Miami based Ping, a payment platform for contractors, nabbed $15 million in a seed funding round including Y-Combinator, Race Capital and BlockTower.
Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

kamino cover.jpg

Research

Kamino has solidified its position as the leading money market on Solana and is emerging as a DeFi bluechip. Although DeFi competition is fierce, Kamino has kept iterating on its product to provide the best-in-class UX, paired with a robust risk management framework and battle-tested infrastructure. Given the rollout of Kamino Lend V2, the protocol may scale aggressively over the coming months, penetrating previously untapped markets in Solana DeFi.

article-image

Also in the tokenized fund space, Franklin Templeton launches on Base and Securitize hits $1 billion in tokenized RWA onchain

article-image

It turns out that bitcoin never actually hit an all-time high in March. Thanks a lot, inflation.

article-image

Spire, Citrea and Nillion also announced raises this week

article-image

The latest recipient of an SEC Wells notice is a Web3 gaming company

article-image

Thursday’s selloff was led by tech stocks, triggered by disappointing outlooks from giants Meta and Microsoft

article-image

Historically, positive returns have been a bit more of a toss-up during the year’s 11th month