The Largest Funding Rounds Of The Fall 2024
Watching VC money flow is a great indicator of the narratives smart money bets on. Here's an overview of the largest funding rounds of the fall, accompanied by early-bird opportunity blurbs.
In this regular research series, I share a curated list of recent large funding rounds. Why do I do this? VC activity is a great way to understand the narratives that smart money bets on in the upcoming quarters.
VCs always invest in narratives and marketability. Let's explore which protocols have captured their focus during the first two months of fall.
Infinex
Funding summary
Total raised: $65.3M
Latest round: Undisclosed, $65.3M (September, 25)
Backers: Framework Ventures, Solana Ventures, Wintermute, Eden Block, Moonrock Capital, Bankless Ventures, and more.
Quick blurb
Infinex is a secure, user-friendly platform that simplifies access to decentralized finance and on-chain protocols. It offers an intuitive cross-chain wallet and non-custodial account, secured by passkeys and biometrics.
The mission? Infinex aims to bridge the gap between centralized finance and DeFi, making crypto accessible to everyone.
Early bird opportunities
You can now create an account using the secure passkey method. The platform allows you to bridge tokens to Arbitrum, Optimism, Solana, Polygon, Base, and Ethereum. You can also swap tokens via Curve. In the "Earn" section, you can deposit into various yield protocols.
An interesting feature is the "Bullrun" game, where users can purchase cards and earn points daily based on the price changes of the cryptocurrencies in those cards. Beta testing is in full swing, and the first season of the game campaign is coming soon.
Website | dApp | Twitter | Litepaper | Raise announcement | CryptoRank profile
Huma Finance
Funding summary
Total raised: $46.3M
Latest round: Series A, $38M (September, 1)
Backers: HashKey Capital, Circle, ParaFi Capital, Fenbushi Capital, Distributed Global, and more.
Quick blurb
Huma is an income-backed lending protocol enabling businesses and individuals to borrow against future income by connecting with global investors on-chain. It offers credit facilities such as revolving credit lines and receivable factoring. Additionally, it utilizes Decentralized Signal Processors and Evaluation Agents for credit underwriting and risk management.
Early bird opportunities
The project has introduced a point farming program for providing USDC to any pool. You can also earn points from other projects, like Scroll, in these pools. To deposit USDC, users need to complete KYC/KYB verification.
Website | dApp | Twitter | Docs | Raise announcement | CryptoRank profile
Balance
Funding summary
Total raised: $30M
Latest round: Undisclosed, $30M (September, 4)
Backers: Andreessen Horowitz (a16z), Animoca Brands, Amber Group, and more.
Quick blurb
Balance, developed by the E-PAL team, is a Web3 gaming platform set to revolutionize the gaming industry through blockchain and AI technologies.
With a traffic pool of 2.4 million Web2 users, Balance seeks to create an open, inclusive, and fair gaming ecosystem. The platform enables developers to build and promote games more efficiently, offering players a diverse and personalized experience. This approach aims to drive growth within the Web3 gaming sector.
Early bird opportunities
Currently, users can play platform games and join the activity campaign. It features daily social tasks and interactions with the project's social media, enabling users to earn points.
Website | dApp | Twitter | Docs | Raise announcement | CryptoRank profile
Drift Protocol
Funding summary
Total raised: $52.3M
Latest round: Series B, $25M (September, 25)
Backers: Multicoin Capital, Blockchain Capital, Folius Ventures, Primitive Ventures.
Quick blurb
Drift Protocol is a decentralized Solana perp and spot DEX. Key features include a cross-margined risk engine, Just-in-Time Auction Liquidity, an on-chain perpetual and spot order book, and a decentralized order book (DLOB) for enhanced liquidity. Recently, it expanded into prediction markets, now competing with Polymarket and Azuro.
Early bird opportunities
The project recently pivoted to include a prediction market on the platform. With no ongoing airdrop campaigns, you can focus on these activities. To participate, visit the "BET" section and select an event to place a bet on.
Website | dApp | Twitter | Docs | Raise announcement | CryptoRank profile
Solv Finance
Funding summary
Total raised: $22M
Latest round: Strategic, $11M (October, 14)
Backers: Blockchain Capital, CMT Digital, OKX Ventures, gumi Cryptos, Laser Digital.
Quick blurb
Solv Protocol is a decentralized platform that bridges liquidity across DeFi, CeFi, and TradFi. It offers diverse asset classes and yield opportunities in a secure and transparent manner. The platform enables global institutions and retail investors to access trusted crypto investments through a trustless fund infrastructure powered by ERC-3525.
Early bird opportunities
Solv Protocol has launched pools where you can earn points by staking your BTC. As a bonus, you'll receive SolvBTC.BBN and earn points from Babylon, allowing you to benefit from two airdrops simultaneously.
Website | dApp | Twitter | Docs | Raise announcement | CryptoRank profile
Helius
Funding summary
Total raised: $34.35M
Latest round: Undisclosed, $21.75M (September, 19)
Backers: Founders Fund, Haun Ventures, 6th Man Ventures, Chapter One, Foundation Capital, Spearhead.
Quick blurb
Helius delivers Solana RPCs (Remote Procedure Calls) powered by top-tier hardware, ensuring reliable and optimized performance for applications. With global coverage and dedicated nodes, along with Geyser plugins, Helius provides excellent 24/7 developer support. This ensures a seamless experience for users, including advanced options for traders, bot developers, and exchanges.
Early bird opportunities
At the moment, there are no special activities for users, but you can explore the project documentation and the developer platform.
Website | dApp | Twitter | Docs | Raise announcement | CryptoRank profile
Ithaca
Funding summary
Total raised: $20M
Latest round: Undisclosed, $20M (October, 11)
Backers: Paradigm.
Quick blurb
Ithaca is aimed at advancing decentralized technologies through the co-design of a robust open-source developer tool stack. It leverages blockchain technology to create innovative solutions for building dApps, Layer 2 networks, and developer frameworks.
A key initiative of Ithaca is Odyssey, a testnet designed with advanced features to facilitate seamless development and experimentation in DeFi and beyond. Ithaca’s mission is to simplify and scale the decentralized crypto frontier for both developers and users.
Early bird opportunities
The project has currently launched the Odyssey Testnet, where you can easily bridge tokens from Sepolia to the project's network. You can find detailed guides on the website and CryptoRank.
Website | dApp | Twitter | Raise announcement | CryptoRank profile
Hypernative
Funding summary
Total raised: $25M
Latest round: Series A, $16M (September, 3)
Backers: Quantstamp, CMT Digital, Borderless Capital, Boldstart Ventures, Bloccelerate, Re7 Capital, and more.
Quick blurb
Hypernative is a Web3 security platform that provides real-time monitoring and risk management tools to protect blockchain projects from potential threats. Leveraging AI and machine learning, it analyzes both on-chain and off-chain data to detect over 200 types of risks. These include smart contract vulnerabilities, bridge security flaws, and market manipulations.
By identifying risks before they escalate, Hypernative allows developers and organizations to take proactive measures, ensuring the security and stability of their decentralized applications.
Early bird opportunities
The project is currently in the closed testing phase. You can apply for a demo and stay updated by following its social media channels.
Website | dApp | Twitter | Raise announcement | CryptoRank profile