Funding Roundup: Paradigm shows VC strength with $850M fund

The first quarter of the year is off to a good start so far, but it’s clearly still below the highs of last cycle

article-image

Lana Sham/Shutterstock modified by Blockworks

share

This week ended with a bang as Paradigm announced it raised $850 million for its third fund.

Now to be fair, Bloomberg got ahead of the news and teased back in April that Paradigm was aiming to raise between $750 and $850 million. 

Don’t get me wrong, venture capital is still below 2021 and 2022 levels, but this fund shows that crypto’s clawing its way back after a brittle winter, as our very own Michael McSweeney wrote in the Empire Newsletter Friday. 

But, as McSweeney pointed out, $850 million is a far cry from the $2.5 billion fund the firm raised in 2021

Pitchbook’s Robert Le warned Blockworks in April that it may be too early to think a bull market is upon us. The first quarter of the year is off to a good start so far, but it’s clearly still below the highs of last cycle.

Read more: What the Roman Empire and crypto have in common

“Bitcoin has monetized to $1T+. Ethereum, Solana and other blockchains are scaling. Stablecoins are being adopted globally. Frontier research speeds along. New infrastructure is enabling consumer applications. Hundreds of millions of people own crypto. And crypto is now a main character on the world’s political stage,” Paradigm wrote in its announcement. 

While it’s not yet clear what kind of projects Paradigm is looking to invest in, the firm pointed to its investments in Uniswap and Optimism as the types of “early-stage work that we love contributing to” and “what we’ll be increasingly focused on going forward.” 

Other notable raises: 

  • Nuffle Labs, a spin-off of NEAR Foundation, raised $13 million in a mix of a strategic grant from NEAR and an investment led by Electric Capital.
  • Ava Protocol announced it raised $10 million in seed funding across two rounds of $5.5 and $4.5 million, respectively. 
  • Squads Labs raised $10 million in a Series A led by Electric Capital and participation from Coinbase Ventures and RockawayX. 
  • Manta Network unveiled a $50 million EcoFund. 

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.png

Research

ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.

article-image

North Korea suspected in breach of Indian exchange’s multisig wallet

article-image

Plus, Sanctum’s CLOUD token has officially launched — but not without problems

article-image

It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.

article-image

StarkWare takes a step towards making StarkNet for Bitcoin

article-image

The numbers point to one conclusion: Risk is back, or at least it was during the first half of the year