Final Funding: Venture Capital Funding Remains Hot In Falling Crypto Market

Final Funding: Venture Capital Funding Remains Hot In Falling Crypto Market

  • A16z Drops $50 Million In Gary Vaynerchuk’s Latest Project
  • Quasar Finance Closes $6M Funding to Leverage Cosmos

The continued high volatility in cryptocurrency markets has not dampened the enthusiasm of institutional investors backing promising startups focused on digital assets.

Variant, a start-up crypto-venture company, has raised $450 million in two new funds. Of the total, $300m is earmarked for an opportunistic fund and the remaining $150m for investments in early-stage Web3 projects – specifically focusing on DeFi, blockchain infrastructure, consumer applications Web3 and proprietary companies.

The venture capital firm has already invested in high-profile projects including Uniswap, Polygon, and Phantom.

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Venture capital firm Andreessen Horowitz (a16z), meanwhile, has partnered with Gary Vaynerchuk to lead a $50 million seed round for its latest NFT collection, VeeFriends.

“From the launch of Wine Library to his success with VaynerX and Vayner Sports, Gary was one of the first entrepreneurs to take everyone on a journey with motivational, business-driven content,” said Chris Lyons, general partner of 16z, in a statement.

VeeFriends plans to use the capital to fund the growth of its creative, technical and experiential operations and will continue to expand its talent pool in the Web3 space.

Cosmos’ blockchain-based project, Quasar Finance, closed $6 million in funding from various firms, including Polychain Capital, Blockchain Capital, Figment Capital, Lightshift Capital, and Galileo.

The DeFi startup allows strategists and liquidity providers to launch vaults, investors can then store their assets in the vaults and receive returns on their investments. Currently, Quasar Finance has nine employees and said its latest increase will be enough to sustain its operations for the next two and a half years.

“We are focused on building the blockchain and reducing the vault standard to Cosmos,” Valentin Pletnev, CEO and co-founder of Quasar Finance told Blockworks. “The first years of product development are going to be funded by this [raise].”

Other notable adventure rounds this week include:

  • Sweatcoin, a popular Web2 application, has raised $13 million from investors including the NEAR Foundation and Jump Capital to expand into Web3.
  • DeFi protocol Aurigami has raised a round of $12 million from private token sales and initial exchange offerings via KuCoin, Bybit, and Impossible Finance.
  • Center — an open-source technology project launched by founding members of Circle and Coinbase — raised $11 million in a funding round led by Thrive Capital and Founders Fund to create a searchable index.
  • Space and Time, a decentralized data platform, raised a $10 million funding round led by Framework Ventures.
  • UK-based provider of verified credentials for corporate customers, Gatenox, has closed a $2.5 million funding round led by C3 VC Fund.
  • Bessie Liu

    blockages

    Journalist

    Bessie is a New York-based crypto journalist who previously worked as a tech reporter for The Org. She earned her master’s degree in journalism from New York University after working as a management consultant for more than two years. Bessie is from Melbourne, Australia. You can contact Bessie at [email protected]

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