GM and welcome to Dove Dispatch #30!
Today, we are digging into the Avalanche funding landscape.
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A few days ago, Colony raised $18.5M to finance early-stage projects building on the Avalanche network and to provide liquidity for DeFi protocols. According to DeFiLlama, Avalanche is the fifth-largest network with a total value locked of $15B — a 567% increase since early September.
As a consequence, more than 382 projects are now connected to the Avalanche ecosystem, in 14 months only. Some prominent VCs such as Zhu Su have even made Avalanche one of their main focus.
After a $6M Series A in February 2019 with Andreessen Horowitz, Polychain Capital, Initialized Capital, and others, Ava Labs raised an additional $12M more than a year later, with tier-1 funds such as Dragonfly Capital, Galaxy Digital, and Lemniscap.
Last September, they received $230M from a private sale of AVAX tokens, with Polychain and Three Arrows Capital leading the investment, bringing the total amount raised up to $290M+.
If we exclude the rounds for which there is no available data on the funding amount, Avalanche projects raised $35.8M to date, across 7 deals. None of them raised at later-stage than seed, and the average amount raised is $5.1M, compared to $3.4M for crypto seed funding rounds in 2021.
Back in September, Trader Joe’s $5M round could be seen as a catalyst for the ecosystem, with top funds, as well as the Avalanche Foundation, participating.
With 2% of the DeFi rounds completed by protocols building on top of Avalanche, the ecosystem has still plenty of room to grow.
Unsurprisingly, DeFi is the number one category in the Avalanche ecosystem, but NFTs and gaming projects such as Crabada also announced raises.
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Avalanche’s funding ecosystem is still in its infancy, but its future is bright:
In November, the Avalanche Foundation launched its Blizzard Fund — a $200M fund backed by Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, Republic Capital, R/Crypto Fund, Collab+Currency, Lvna Capital, Finality Capital Partners, and others. It aims at supporting projects building DeFi applications, enterprise applications, NFTs, and culture applications, as well as emerging use cases such as security token issuances, liquidity providers, and self-sovereign identity.
DeFi Alliance recently welcomed Avalanche to its Ecosystem Partnership Program — the goal is to provide mentorship and other resources to founders building in the Avalanche ecosystem. The first cohort is expected to start on January 10th.
The Moralis Avalanche hackathon is live since yesterday — winning projects will be invited to showcase what they are building to VCs such as Three Arrows Capital, Republic Crypto, AP Capital, GBV Capital, Gerstenbrot Capital, Alameda Ventures, GSR, Hypersphere, and Mechanism Capital.
And according to Avalanche’s founder himself, many Avalanche projects are about to close funding rounds.
Last week 42 projects announced fundraising rounds:
RaceFi ($2.9M) | The first AI/ML car racing game on Solana — with participation from ExNetwork Capital, Genblock Capital, Solar Eco Fund, Shima Capital, Basics Capital, X21 Digital, SolRazr, Enjinstarter, Magnus Capital, Titans Ventures, VBC Ventures, Master Ventures, Good Games Guild, PolRare, R-930 Capital, ZBS Capital, Asteroid Ventures, Alpha Moon Capital, Avstar Capital, IDOResearch Ventures, KiwiGROUP, and KV Ventures.
Fragcolor ($2.6M) | Distributed game engine & gaming platform — with participation from Animoca Brands, Outlier Ventures, Sfermion, Lemniscap, Iconium, Double Peak, ArkStream Capital, Momentum 6, LD Capital, DWeb3 Capital, Existential Capital, Taureon Capital, Signal Ventures, Athena Ventures, and Gains Associates.
Ignite Tournaments ($3M) | The world’s first play2earn mobile esports tournament organization and streaming app with payouts in crypto or fiat — with participation from Ascensive Assets, Yield Guild Games, Arca, Mechanism Capital, SkyVision Capital, Eden Holdings, D1 Ventures, Morningstar Ventures, Genblock Capital, MoonBoots Capital, GHAF Capital Partners, Kieran Warwick, Danish Chaudhry, and Richard Ma.
PathDAO | A community-first, decentralized autonomous organization (DAO) that creates value for investors and players in the growing blockchain metaverse (game + social + NFTs) — with participation from DeFiance Capital, Merit Circle, LVT Capital, Master Ventures, NewTribe Capital, and Stakez Capital.
Solice ($4.36M) | A cross-platform VR metaverse on the Solana blockchain — with participation from Three Arrows Capital, DeFiance Capital, Animoca Brands, Genblock Capital, Alameda Research, Solanium Ventures, SkyVision Capital, Jump Capital, KuCoin Labs, Solar Eco Fund, CMS Holdings, Maven Capital, Rhea Fund, a41 Ventures, ZBS Capital, Peech Capital, IceTea Labs, Skynet Trading, Double Peak, Rarestone Capital, DAO Maker, Cropperbros Research, Mintable, and DWeb3 Capital.
Ambire ($2.5M) | The first DeFi wallet that combines power, security and ease of use — with participation from LAUNCHub Ventures, Ascensive Assets, MetaCartel Ventures, Zee Prime Capital, and Danish Chaudhry.
CryptoVsZombie ($1.7M) | The ultimate PvP and P2E competitive tower defense gaming ecosystem — with participation from X21 Digital, Faculty Capital, Kardia Ventures, Basics Capital, Everse Capital, Poolz Ventures, Oddiyana Ventures, IceTea Labs, Magnus Capital, Moonwhale Ventures, Infinity Pad, BSCStation, GameStation, BinStarter, and VBC Ventures.
FuseFi ($2.3M) | Frictionless DeFi is coming. The DAO to bring the next billion — with participation from Blockchain Founders Fund, Collider Ventures, Metavest Capital, ZBS Capital, TechmeetsTrader, Shima Capital, Node Capital, Sheesha Finance, LVT Capital, MVST:MG, Angel DAO, and Nakheel Capital.
Platypus ($3.3M) | Redefining stableswap with novel single-sided liquidity provision, on Avalanche — with participation from AVA Labs, 0x Ventures, Avalaunch, AVATAR, AVentures DAO, CMS Holdings, BENQI, COLONY, Genesis Block HK, Hailstone Ventures, Keychain Capital, Mechanism Capital, Muhabbit Capital, TPS Capital, Valhalla Capital, Yield Yak, and Three Arrows Capital.
TeraWulf ($200M) | A new paradigm for crypto mining in the future, producing domestic bitcoin using over 90% zero-carbon energy
Solv Protocol ($4M) | The decentralized infrastructure for creating and trading Financial NFTs — with participation from Blockchain Capital, Sfermion, gumi Cryptos, DeFi Alliance, The LAO, CMT Digital, CMS Holdings, Apollo Capital, Shima Capital, SNZ Holding, Zonff Partners, HashCIB, Spartan Group, and Axia8 Ventures.
1inch ($175M) | Uniting decentralized protocols enabling the most lucrative, fastest and protected operations in DeFi — with participation from Amber Group, Jane Street Capital, VanEck, Fenbushi Capital, Alameda Research, Celsius Network, Nexo, Tribe Capital, and Gemini.
Fireblocks ($400M) | Fireblocks is an all-in-one platform to store, transfer, and issue digital assets across your entire ecosystem — with participation from Sequoia Capital.
AAG Ventures ($12.5M) | Democratizing play-to-earn. Creating economic freedom worldwide through the metaverse economy — with participation from Shima Capital, Tribe Capital, Tess Ventures, Hashkey Capital, Everest Ventures, Republic Realm, Portico, Genblock Capital, Kosmos Ventures, GDP Venture, Muse Builder, Slayton Capital, Synergis, viaBTC Capital, Sanctor Capital, YellowBlocks, Oyster Ventures, FOMOCraft Ventures, Sandeep Nailwal, Tin Nguyen, Antonny Liem, Alan Seid, George Chu, Kimiko Doan, Chris Gonsalves, Ken Berger, Armando Aguilar, Carmen Feliciano, Chavamon Vinijtrongjit, Parinya Narkprasert, Willow Li, and Steven Bryson-Haynes.
Structure ($20M) | A global trading platform that aims to facilitate crypto-based investing and lending for mobile users — with participation from Polychain Capital, Bixin Ventures, and Ascensive Assets.
Loot Squad ($5M) | A community of blockchain gamers that are looking to leverage NFTs, Crypto, and the Play2Earn space to enrich the gaming experience for everyone involved — with participation from Delphi Digital, Jeffrey Zirlin, Aleksander Larsen, Gabby Dizon, Cuy Sheffield, gmoneyNFT, Grayson Allen, Andrew Masanto, Wraya, Capital SB, Ryan Watkins, and Tin Nguyen.
Froyo Games ($1.6M) | A multi-chain GameFi infrastructure that gives a rise to the transformation of gaming and esports ecosystem into the Metaverse on Ethereum and Binance Smart Chain — with participation from Animoca Brands, Spartan Group, GBV Capital, BTC12 Capital, Mirana Ventures, Avocado Guild, Hooga Gaming, Chain Capital, Genblock Capital, IceTea Labs, GameFi, Bigcoin Capital, Gate.io, Newman Capital, and Koi Capital.
CertiK ($80M) | A cybersecurity company, using cutting-edge Formal Verification technology on smart contracts and blockchains — with participation from Sequoia Capital, Tiger Global Management, Coatue Management, and GL Ventures.
Algofi ($2.8M) | Fast, low-cost lending market on the Algorand blockchain — with participation from Union Square Ventures, Arrington XRP Capital, Pillar VC, Y Combinator, Formulate Ventures, and Shine Capital.
MetaVisa ($5M) | A layer 3 middleware protocol, aims to be the decentralized identity and credit system in Metaverse — with participation from Spark
Digital Capital, Sora Ventures, Amplio Capital, HG Ventures, GTA Ventures, Seedventure, Dutch Crypto Investors, Maven Capital, Black Mamba Ventures, Tensor Investment Corporation, and CollinStar.
Coadjute ($7.9M) | Digitally connecting the UK property market — with participation from Praetura Ventures, Collab+Currency, and LegalTech Fund.
Payourse | Makes crypto more accessible to Africans by providing tools that helps businesses to build user-friendly crypto products — with participation from Flori Ventures, Celo Ecosystem Fund, Vibe, and Voltron Capital.
Iron Fish ($27.7M) | The universal privacy layer for crypto—a true SSL layer for blockchains — with participation from Andreessen Horowitz, Elad Gil, Sequoia Capital, Electric Capital, Dylan Field, Alan Howard, Jeff Weiner, MetaStable, A.capital, Divesh Makan, Do Kwon, Matt Luongo, Nathan McCauley, and Arrington XRP Capital.
PraxisSociety ($4.2M) | A vibe-aligned community of creatives and technologists building the city-crypto state — with participation from Bedrock Capital, Fred Ehrsam, Balaji Srinivasan, Winklevoss Capital, Day One Ventures, Uncommon Capital, NOMO Capital, Riva Tez, Joe Lonsdale, Richard Craib, Pronomos Capital, Jude Gomila, and Sofreh Capital.
Massive ($11M) | An SDK that allows developers to offer premium content to users in exchange for a little bit of their unused processing power — with participation from Point72 Ventures, Coinbase Ventures, Kraken, Blocktower Capital, CoinShares, Ryan Selkis, Prabhakar Reddy, Sriram Krishnan, and Packy McCormick.
Fanaply | Eco-friendly NFTs from the biggest names in sports, music, and entertainment — with participation from Alpha Edison, Elysian Park Ventures, and CyberAgent Capital.
Sloika ($2M) | Building NFT marketplace to unleash the power of creatives — with participation from 1confirmation, John Crain, Eric Diep, Christopher Nguyen, and South Park Commons.
Hxro ($34M) | Peer-to-peer markets on crypto, commodities, indices, and FX. Prohibited in the US and other restricted jurisdictions — with participation from Susquehanna International Group, Blockchain Capital, Jump Crypto, Alameda Research, Coinbase Ventures, Solana Capital, Chicago Trading Company, and Commonwealth Asset Management.
2TM Group ($50.3M) | Creating an infrastructure to the financial market based on technology blockchain, ensuring efficiency and security in funding and investment operations — with participation from 10T Fund, Tribe Capital, Traders Club, Pipo Capital, and Endeavor Catalyst.
MetaMundo ($2.7M) | A platform where 3D creators can mint their 3D assets as NFTs and sell, auction, or license them to collectors and game builders — with participation from Animoca Brands, Hypersphere Ventures, Digital Currency Group, OP Crypto, MetaCartel Ventures, Marshland Capital, Own Fund Collective, Polygon Studios, Ascensive Assets, Sfermion, D1 Ventures, Cryptomeria Capital, Red Beard Ventures, and Metacollective.
Colony ($18.5M) | Community-driven ecosystem accelerator powering Avalanche’s growth — with participation from Avalanche Foundation, Shima Capital, Hashkey Capital, GBV Capital, and Bixin Ventures.
Zepeto ($189M) | Experience the virtual world with your own avatar! Customize your unique 3D avatar and meet friends from all over the world anywhere you want — with participation from SoftBank, HYBE, Mirae Asset Global Investments, Naver Webtoon, and JYP.
Myty ($3.5M) | A decentralized social platform where people can get off the limitations of the physical world using NFT avatars and become mighty — with participation from Hashed, Collab+Currency, BITKRAFT Ventures, Electric Capital, Coinbase Ventures, and SamsungNext.
Zomfi ($2.6M) | A zombie shooter game. Players will be able to collet gear and fight zombies — with participation from Roseon Finance, X21 Digital, Everse Capital, Basics Capital, Magnus Capital, and Misfit Venture Partners.
Mint Songs ($3M) | Discover & collect NFTs from your favorite music artists — with participation from Castle Island Ventures, Coinbase Ventures, North Island Ventures, Freestyle Capital, IOSG Ventures, Gramatik, AAF Management, Goodwater Capital, Jaeson Ma, Michael Lazerow, and Ian Simon.
Popop World ($5.75M) | A blockchain based leisure game wonderland — with participation from Modern Capital, Qiming Venture Partners, Tencent, Azdag, Crypto Pokers, Blue Planet Capital, Crypto Viet Labs, LVT Capital, Avalon Wealth Club, Coincu Ventures, Lotus Capital, Shima Capital, Maven Capital, CRT Capital, Momentum 6, Andromeda Capital, AU21 Capital, Moonrock Capital, and Moonwhale Ventures.
KingdomX ($2M) | The first NFT game to solve inflation problems in the world — with participation from LD Capital, DAO Maker, Signum Capital, Double Peak, LongHash Ventures, Gamestarter, and DWeb3 Capital.
MeanFi ($3.5M) | A self-custody, permissionless & trustless bank — with participation from Three Arrows Capital, SoftBank, DeFiance Capital, SkyVision Capital, Solar Eco Fund, Sesterce Capital, Big Brain Holdings, Gerstenbrot Capital, a41 Ventures, Solanium Ventures, MEXC Exchange, PrimeBlock Ventures, Gate.io, LPI, Tanmay Bhat, and Norbert Bodziony.
Integritee ($4.5M) | A scalable public blockchain solution for securely processing sensitive business or personal data
NuLink ($4M) | Provides privacy-preserving technology for decentralized applications via APIs — with participation from "BMW Capital, Chainlayer, Chateau Crypto, Coincu Ventures, Cypher Ventures, ExNetwork Capital, Glock Capital, Halvings Capital, Kangaroo Capital, LD Capital, MacLane Wilkison, Maven Capital, OIG Investment Group, R8 Capital, R-930 Capital, Regain Ventures, Stacker Ventures, Tokenova, Unanimous Capital, VYSYN Capital, X21 Digital, ZBS Capital, Insignius Capital, Bluechips, CSP DAO, Moonwhale Ventures, and NewTribe Capital.
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