Hello world, and welcome to Dove Dispatch #10!
Please note that as part of a broad rebranding process, some links and account names have changed. Dove Mountain Data is now Dove Metrics, the crypto fundraising database.
Today, we are digging into new funds launched this year.
Top 10 dApps and blockchains daily total revenues have been exploding since last January — from $1B in January to $7.8B. It shouldn’t come as a surprise that such a fast-growing ecosystem has been attracting new funds.
A total number of 34 crypto native funds entered the capital market over the last 6 months. 29% are located in the United States, and 41% are based in Asia, with China and Singapore leading the pack.
6% are uncategorized — they are funds companies for which we did not find relevant information on origin and localization.
Interestingly, well-established and older firms also announced they had raised new funds — very often exceeding their fundraising goals.
24 announcements have been made, with $3.3B totally raised — an average of $141M per fund. Thanks to a16z’s $2.2B Crypto Fund III, the fund ecosystem reached a new milestone in June 2021. Some other noteworthy new funds are:
Blockchain Capital | Fund V ($300M) — with participation from PayPal Ventures and Visa.
With the number of dApps built on top of alternative chains, launching ecosystems-focused investment vehicles has also been trending for the last 6 months: more than $215M of new capital has been deployed to accelerate the growth and development of key projects in some promising ecosystems.
Lastly, newly launched funds mainly invest in projects building in the DeFi space: 54% of the investments concerned DeFi projects (compared to 44% of overall fundraising rounds). These funds also seem to be under-indexing on Infrastructure investments. They’ve only invested 16% of their portfolios here despite Infrastructure investments making up 27% of overall funding rounds.
Last week 24 projects announced fundraising rounds:
DinoX ($1M) | A combat and strategy game in a sandbox environment — with participation from DAO Maker, Magnus Capital, Interchain Ventures, Marshland Capital, Raptor Capital, Peech Capital, Lupa X Capital, X21 Digital, and CinchBlock.
Spores ($2.3M) | A cross-chain DeFi-powered NFT marketplace defining decentralized pop culture — with participation from NGC Ventures, ExNetwork Capital, SL2 Capital, Twin Apex Capital, Focus Labs, OIG Investment Group, Vivian Capital, Maven Capital, and Lysithea Ventures.
Nym Technologies ($6M) | An open-ended anonymous overlay network that works to irreversibly disguise patterns in Internet traffic — with participation from Polychain Capital, Eden Block, Greenfield One, Maven 11 Capital, Tioga Capital, and 1kx.
ENVOY Network ($2.5M) | Building a premium NFT label that helps selected artists with their creative journey in this new and thriving space, ensuring the best end-to-end services and community-driven network where collectors can trade and gain real-life perks — with participation from Solidity Ventures
Axelar ($25M) | Connecting dApps with Blockchain Ecosystems — with participation from Polychain Capital, Dragonfly Capital, Galaxy Digital, North Island Ventures, Robot Ventures, Lemniscap, SCB 10X, Divergence Ventures, Do Kwon, Cygni Capital, Hypersphere Ventures, Collab+Currency, Waikit Lau, Zola Global Investors, Nima Capital, Happy Walters, and GoldenCoin TS.
Seed Club ($2M) | A DAO that builds and invests in communities with tokens — with participation from IDEO Colab Ventures, Sfermion, Nascent, Delphi Ventures, Betaworks, MetaCartel Ventures, The LAO, IOSG Ventures, Taureon Capital, Packy McCormick, Ian Lee, Andrew Steinwold, Pri Desai, Zack Honarvar, Dan Hannum, Nick Grossman, Marc Weinstein, Matthew Shaw, Jake Brukhman, NiMA Asghari, Megan Hannum, 0xElle, and Launch House.
Revolut ($800M) | Exchange to buy crypto, gold, and manage your money with spending analytics — with participation from SoftBank and Tiger Global Management.
CertiK ($37M) | A cybersecurity company, using cutting-edge Formal Verification technology on smart contracts and blockchains — with participation from Coatue Management, Shunwei Capital, and Coinbase Ventures.
Phantom ($9M) | A friendly Solana wallet built for DeFi & NFTs — with participation from Andreessen Horowitz, Variant, Jump Capital, DeFi Alliance, Solana Foundation, Garry Tan, Robert Leshner, Antonio Juliano, Forrest Browning, and Alex Adelman.
ParaState ($5.5M) | A decentralized open source business model funded by developers — with participation from HyperChain Capital, Firstchain Group, OIG Investment Group, DCI Capital, AuBit, CSP DAO, Maven11 Capital, Parsiq, GD10 Ventures, Playcent Capital, Llama Ventures, ThorX Crypto, Kenetic, Moonwhale Ventures, Master Ventures, Taureon Capital, Chronos Ventures, Titans Ventures, Psquare Capital, Bitcoin Guru, and MoonBoots Capital.
Blocknative ($12M) | Builds and operates critical infrastructure for monitoring and managing public blockchain transactions — with participation from Robot Ventures, Altonomy, Kain Warwick, Jordan Momtazi, Ryan Adams, David Hoffman, Stani Kulechov, Diogo Monica, and Rho Capital.
Gala Games | Revolutionizing gameplay by giving players control of their in-game assets — with participation from Binance Labs.
Omm Finance | A money market where anyone can lend and borrow assets, earn interest and earn OMM for doing so — with participation from CMS Holdings, FBG Capital, Hashed, Paul Nattapatsiri, Kevin Lu, Andy C., Jackson Chan, and Rodney Yesep.
BIT Mining ($50M) | A leading cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry
Superfluid ($9M) | Programmable money streams on Ethereum — with participation from Multicoin Capital, Semantic Ventures, DeFiance Capital, Delphi Ventures, MetaCartel Ventures, Fabric Ventures, The LAO, DeFi Alliance, Divergence Ventures, MMC Ventures, Balaji Srinivasan, Stani Kulechov, Do Kwon, Ryan Selkis, White Star Capital, Tiny VC, BR Capital, Angel DAO, Stable Node, beToken Capital, Roble Venture Capital, Supernova Fund, ID Theory, Happiness Capital, Taavet Hinrikus, Sten Tamkivi, Anthony Sassano, David Hoffman, Julien Bouteloup, gmoneyNFT, Jesus Perez Sanchez, Calvin Liu, Francesco Simoneschi, Edgar.eth, Ana Andrianova, Noah Jessop, Maex Ament, Rezo Shmertz, Anthony Chen, Eli Krenzke, Ryon Nixon, Gustav Arentoft, Doo Wan Nam, and Märt Kelder.
Thales ($2.5M) | Binary options re-imagined. Exploring on-chain derivatives in the Ethereum network — with participation from Framework Ventures, Apollo Capital, LD Capital, HoneyDAO, The LAO, Zonff Partners, Zee Prime Capital, IOSG Ventures, D64 Ventures, Koji Capital, Daedalus Angel Syndicate, ChainCatcher, Tyler Ward, The SNX professor, Ryon Nixon, Philippe Perzi, Marc Woodward, Joe Buttram, Xavier Ekkel, Spreek, Nick Tong, tooney, and James Simpson.
Connext ($12M) | Fast, noncustodial crosschain swaps for EVM chains — with participation from eGirl Capital, Ethereal Ventures, Coinbase Ventures, MetaCartel Ventures, Scalar Capital, 1kx, ConsenSys Ventures, Sandeep Nailwal, Kenetic, Hashed, A.capital, OKEx BlockDream Fund, D1 Ventures, SNZ Holding, Mgnr, CMS Holdings, Gate Labs, Dokia Capital, Jinglan Wang, Alex Gluchowski, Andre Cronje, Jack O'Holleran, Edge & Node, OP Crypto, APWine, Alchemy, MCDEX, Zak Cole, Meltem Demirors, and others.
Clipper ($21M) | A new decentralized exchange (DEX) built for self-made traders instead of hedge funds — with participation from Polychain Capital, 0x Labs, MetaCartel Ventures, DeFi Alliance, Divergence Ventures, Nascent, LD Capital, IOSG Ventures, Electric Capital, Three Arrows Capital, DeFiance Capital, Alex Feinberg, Asiff Hirji, Richard Gorelick, Adelyn Zhou, Meltem Demirors, Robot Ventures, Quantstamp, Ben Middleton, BR Capital, FJ Labs, and 1inch.
Claystack ($5.2M) | Stake your tokens while keeping your assets liquid, without any lockups — with participation from Spartan Group, CoinFund, ParaFi Capital, Coinbase Ventures, Hashed, DeFiance Capital, LedgerPrime, Animoca Brands, Hypersphere Ventures, Republic Labs, Genblock Capital, Meltem Demirors, Larry Cermak, Illia Polosukhin, Raj Gokal, Robert Leshner, Stani Kulechov, KainWarwick, Tarun Chitra, Sandeep Nailwal, Stefan George, Tegan Kline, Richard Ma, Stefan George, Josh Hannah, and others.
Arcana Network ($375k) | The storage and privacy stack for Ethereum dApps — with participation from AU21 Capital, Balaji Srinivasan, Sandeep Nailwal, Santiago R. Santos, Kenetic, Siddharth Menon, Arcanum Capital, Kendrick Nguyen, Jaynti Kanani, John Lilic, Aniket Jindal, and Tamar Menteshashvili.
Ennoventure ($5M) | Providing smart and intelligent packaging systems for pharmaceuticals using technologies like AI, Cryptography, Blockchain, Geofencing, and embedded solutions in its endeavor — with participation from Fenice Investment Group.
RedStone ($525k) | A next-generation decentralized finance oracle platform — with participation from Maven 11 Capital, Arweave, Collider Ventures, KR1, 1kx, Bering Waters, and TRG Capital.
Nifty's ($10M) | First NFT-focused social media platform for creators, collectors, and curators — with participation from Polychain Capital, Ethereal Ventures, Coinbase Ventures, Dapper Labs, SamsungNext, Liberty City Ventures, A&T Capital, Polaroid, Topps, Quiet Capital, Forerunner Ventures, and BBTV Holdings.
Buenbit ($11M) | A cryptocurrency exchange and cross-border payment platform — with participation from Libertus Capital, Scott Wood, Edward Moncada, FJ Labs, Galaxy Digital, Jaime Gutierrez, Jonathan Chu, Matias Nisenson, Nicolás Mindlin, and Patricio Worthalter.
We have also added the following investors: Roble Venture Capital, beToken Capital, Happiness Capital, Daedalus Angel Syndicate, ThorX Crypto, Zola Global Investors, Betaworks, Interchain Ventures, and many angels.
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See you on Thursday for Thursday Thoughts #7,
The Dove Team