Investors are lining up to back Web3 projects, drawn by the promise of fresh and boundary-pushing uses for blockchain. So far in 2024, over 658 cryptocurrency and blockchain-related fundraising rounds have raised a total of $5.54 billion, according to CoinCarp. Even if some ventures have secured bigger checks from venture capitalists, the ones landing around $10 million stand out for their fresh takes on advancing blockchain technology and therefore deserve attention.
Galaxis: $10M
Galaxis raised $10 million in a funding round involving Rarestone Capital, Chainlink, Taisu Ventures, and Nick Johnson. They also collected an additional $200,000 through their IEO on Bybit. As a platform incubated by CoinMarketCap, Galaxis enables brands and individuals to engage with their communities through NFTs. With the roll-out of their own GALAXIS token, they aim to ignite their platform with real-world utility that extends past traditional Web3 limits. The platform has worked with celebrities like DJ Steve Aoki, Val Kilmer, and LaMelo Ball, selling over 225,000 NFTs and generating 32,000 ETH (about $100 million) in secondary NFT sales. Galaxis is turning the tables by creating non-fungible token collections that come with their own economy, letting creators and fans skip the middleman and link up directly. Moving forward, spreading the word and developing participation advantages are at the top of their agenda.
Owlto Finance: $8M
Owlto Finance, an intent-centric interoperability protocol, raised $8 million in a strategic funding round led by Bixin Ventures and CE Innovation Capital, with participation from Hailstone Labs, Skyland Ventures, Presto Labs, SNZ Capital, and others. Owlto's innovative AI Agent protocol suggests optimal bridging paths across multiple chains, simplifying and securing cross-chain transactions. With 1.6 million users across 200+ countries/regions, the protocol is highly regarded for its speed and affordability. The funds will advance the AI Intent Interoperability Protocol, enhance modular bridging services via its Bridge-as-a-Service (OBaaS), and support the Omnichain Liquidity Solution V2. Based on the funding round details, the team at Owlto has ambitious plans which include going international alongside enriching their ambassador network and strengthening its presence in key markets.
Paragraph: $5M
Paragraph, an on-chain publishing platform, raised $5 million, from Coinbase Ventures, Union Square Ventures, and others. This funding, combined with a pre-seed round in 2022, positions Paragraph to expand its on-chain publishing capabilities. They recently announced a partnership with Mirror, another Web3 publishing platform, to collectively enhance content creation tools through decentralized domains, crowdfunding campaigns, and NFT integration. Paragraph aims to redefine publishing by allowing creators to establish direct relationships with their audience through on-chain technology, by offering subscription services and messaging integration. With this partnership and support from strategic partners like Coinbase and Base Ecosystem Fund, Paragraph is doubling down on delivering seamless Web3 publishing experiences to writers and their communities.
Agora: $5M
Agora, a cross-chain governance platform, raised $5 million in a seed round, which was led by Haun Ventures, with additional investments from Coinbase Ventures, ConsenSys Mesh, and angel investors including Balaji Srinivasan, Packy McCormick, and Dan Romero. Seed Club Ventures, a DAO, also participated in this round.
This funding will enable Agora to enhance its governance solutions, allowing seamless cross-chain voting and management. Leading the pack with trust from established blockchain projects such as Optimism, Nouns, ENS, and Uniswap, Agora has become the go-to protocol for blockchain projects’ governance needs.
Sortium: $4M
Sortium, an entertainment tech company blending AI and Web3, raised over $4 million in funding on April 10, 2024. This round was led by Signum Growth, with participation from ARK Investment Management, Polygon Ventures, Infinity Ventures Crypto, IDG Capital, and 1881 S. Earlier in January 2023, Sortium had raised an additional $7.75 million in a seed round led by Arca.
Sortium aims to revolutionize game development and digital experiences by incorporating artificial intelligence tools into gaming. Their solutions automate challenging content creation tasks and integrate with existing production ecosystems, helping studios reduce costs and improve production timelines. Their AI-enabled platform empowers developers to focus on innovation and design while letting users create personalized characters. Their framework showcases the potential of generative AI, blockchain, and dynamic economic systems in gaming and entertainment
GoMining: $3M
GoMining secured $3 million from Bitscale Capital to scale its NFT-based Bitcoin mining operations. The project’s distinctive Liquid Bitcoin Hashrate (LBH) protocol spreads the power of actual Bitcoin mining between non fungible tokens representing hash rate ownership. With just a few clicks, users can boost their miners' power and energy efficiency, which means these NFTs produce a predictable and easily scalable yield.
With nine data centers worldwide and a market value of around $135 million, GoMining has become a major player in the crypto mining realm, boasting a combined hashrate of 3.5 million TH/s. So far, it has sold over 111,000 NFTs, allocating almost 400,000TH/s through their branded non-fungibles.
Thanks to this impressive infrastructure, users have managed to mine a whopping 2,360 BTC to date. The GoMining world keeps expanding, now boasting a vibrant community of over 51,046 NFT enthusiasts. The ecosystem’s native GOMINING token, currently held by 21,751 holders, is used to buy NFTs, cover maintenance fees, as well as upgrade digital miners, showing its inherent utility.
Getting into Bitcoin mining is no longer a hassle thanks to GoMining's integration of NFTs with their revolutionary LBH protocol – offering simplicity and total transparency under one roof.
DwellFi: $3M
DwellFi, whose CEO Kumar Ujjwal holds two patents in technology, secured $3 million in seed funding, in a round led by E1 Ventures, Blockchain Coinvestors, Hustle Fund, and Fortified Ventures. DwellFi aims to revolutionize the asset management industry by offering AI, blockchain, and tokenization services to private funds and fund administrators. Their SOC-2 certified SaaS platform, which already administers over $200 billion in assets, helps enterprise clients enhance operational efficiency while maintaining regulatory compliance. The investment validates DwellFi's vision of disrupting legacy systems, modernizing asset management with cutting-edge technology.
Moongate: $2.7M
Moongate, a Web3 engagement platform, raised $2.7 million in a seed round on April 2, 2024. The round was led by CMCC Global's Titan Fund, with participation from GBV Capital, Token Bay Capital, and others. Moongate aims to build a modular Web3 engagement layer for real-world activations. They have developed a decentralized ticketing platform, which has attracted over 100,000 active users and major clients like Wonderfruit, ComplexCon, Binance, and Avalanche.
The platform allows brands to use blockchain and AI technology to create deeper connections with their audiences through digital tokens and personalized experiences.
BonusBlock: $2.3M
BonusBlock, an on-chain marketplace and white-label solution provider, raised $2.3 million in an undisclosed funding round on April 2, 2024. The investment was led by Laser Digital, ZBS Capital, and Faculty Group, with participation from Rarestone Capital, NewTribe Capital, and several prominent angel investors like Georgios Vlachos and Ivan on Tech. This round aims to address the Web3 industry's largest challenge: on-chain quality user acquisition.
The platform offers reliable onboarding of verified users via both its marketplace and white-label solutions, using AI analysis to ensure transparent quality scoring. Their achievements include engaging over 4 million users across various protocols and contributing to more than 10 million on-chain transactions. BonusBlock's IDO projects on Bybit, Ape Terminal, and EclipseFi filled in record times, signaling significant demand and strong user engagement. With over 30 partnerships, including Injective and Xion by Burnt, BonusBlock is committed to fostering a reliable network where Web3 projects can identify and attract quality users in an ecosystem often dominated by bots.
Ambient Network: $2M
Ambient Network raised $2 million in a seed funding round, led by Borderless Capital with participation from Solana Ventures, Primal Capital, Sonic Boom Ventures, and Paramita Venture. With this funding, Ambient Network is set to boost its DePIN model on Solana, streamlining its collection of essential environmental data. The platform aims to tackle global environmental problems by offering vital, real-time information on air pollution and climate change, equipping those who care with knowledge they are increasingly in need of. Ambient plans to broaden its reach and build strategic relationships, further improving its business model and reaching broader markets. Alpen Sheth of Borderless Capital remarked, "Ambient's DePIN model is key in scaling fast enough to meet the demands for collecting reliable environmental data."
Conclusion
In 2024, Web3 projects like GoMining, Galaxis, Owlto Finance, and others have collectively secured significant investments by leveraging innovative blockchain and AI technologies. GoMining, with its NFT-based Bitcoin mining approach, stands out by democratizing access to cryptocurrency mining. Imagine a world where blockchain projects can govern themselves or track environmental changes seamlessly—all thanks to advancements by pioneers making huge waves across Web3, transforming it step by step.
Disclaimer: The content provided here is purely for educational, entertainment, and informational purposes and should not be interpreted as financial advice.
