This week, blockchain startups and crypto projects collectively raised over $100 million in venture capital (VC), reflecting the growing interest in diverse blockchain applications. Here’s a summary of the funding activities between June 16 and June 22, highlighting the significant investments made in various sectors.
Major Funding Highlights
PQShield Raises $37 Million in Series B Round
Security startup PQShield led the pack, securing $37 million in a Series B round to enhance its post-quantum cryptography solutions. The funding was led by Addition and included new investors like Braavos Capital, Legal & General, and Chevron Technology Ventures. PQShield aims to future-proof cryptographic systems against quantum computer-based hacks, with clients including Nvidia and AMD. Founder Dr. Ali El Kaafarani stated that the funds would be used to hire more staff and strengthen relationships with partners and customers.
Renzo Secures $17 Million in Series A Round
Ethereum (ETH) restaking protocol Renzo raised $17 million in a Series A round led by Galaxy Ventures and Brevan Howard Digital Nova Fund. This follows a $3.2 million seed round in January led by Maven 11. Renzo allows users to restake Ethereum assets, offering ezETH, a liquid restaking token usable across decentralized finance (DeFi) platforms. According to DefiLlama, Renzo has a market capitalization of nearly $115 million and a total value locked of over $3.6 billion.
Particle Network Bags $15 Million
Particle Network, a modular blockchain developer, raised $15 million in a Series A round co-led by The Spartan Group and Gumi Cryptos Capital. The round was structured as a simple agreement for future tokens and involved participation from SevenX Ventures, Flow Traders, and HashKey Capital. Founder Pengyu Wang stated that the funds would support work on chain abstraction technology and operational expansion.
Sonic Wraps Up $12 Million Series A Round
Sonic, a Solana (SOL) layer-2 network focused on gaming, secured $12 million in a Series A round led by Bitkraft Ventures, with participation from Galaxy Interactive and Big Brain Holdings. With a total of $16 million raised to date, Sonic aims to simplify Web3 gaming complexities and integrate various gaming genres.
ZKX Raises $7.6 Million
ZKX, a social perpetual trading decentralized exchange (DEX), secured $7.6 million, including a recent $6.3 million seed round. Investors like Flowdesk, GCR, and DeWhales backed the initiative to enhance perpetual swaps through social trading features and cross-chain interoperability. The company plans to use the funds to introduce new features and expand cross-chain interoperability. ZKX also launched its native token on Bitget, Gate.io, and KuCoin.
Other Notable Funding Rounds
Gudchain Closes $5 Million Investment Round
Gudchain, an OP-stack-based layer-2 blockchain for gaming, raised $5 million led by Mechanism Capital, with participation from Manifold, Skyvision Capital, and Morningstar Ventures. The platform aims to simplify Web3 access for gamers and has signed five flagship games set to launch on-chain within six months.
Additional Smaller Funding Rounds:
- Zeek: $3 million seed round for a decentralized social collaboration network, backed by OKX Ventures and Animoca Brands.
- Wasabi: $3 million in seed funding for a meme coin and NFT leverage trading protocol, led by Electric Capital.
- Bitwise: $2.5 million seed investment for its Ethereum ETF, with Pantera Capital showing interest.
- Farworld Labs: $1.75 million pre-seed round for its Farcade platform, a Farcaster-native gaming company.
- Ordinox: $1 million in pre-seed funding for a Cosmos-based automated market maker for BRC20s and Runes, led by DACM.
This week's funding activities underscore the increasing venture capital interest in the blockchain and crypto sectors, supporting advancements across various applications from security and gaming to DeFi and social trading platforms.
