Hello world, and welcome to Dove Dispatch #9!
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 the Terra funding landscape.
The recent growth of UST Market Cap — from $181M in January up to $1.9B currently — shows how much Terra has exploded over the last few months.
Terraform Labs (the team behind Terra) raised a $25M round in January, with participation from Galaxy Digital, Coinbase Ventures, Pantera Capital, Hashed, Arrington XRP Capital, Kenetic, and others.
Two of the most prominent applications in the Terra space are Anchor Protocol and Mirror Protocol. As the ecosystem continues to attract developers, the creation of new protocols is exploding, with 50+ to date. Many of them are powered by Anchor and Mirror.
It all started with CHAI’s (a blockchain payment solution to be used at e-commerce merchants integrating Terra’s KRT) $15M Series A round back in February 2020, led by HOF Capital. They announced a $60M Series B funding round last December, with SoftBank participating.
As the Terra network is very young, the fundraising landscape is still in its infancy. Out of the 51 mentioned projects, only 6 publicly announced they had completed a fundraising process. Many projects are currently focusing on product and engineering, and are not necessarily looking to raise capital at this juncture. Others will likely make funding announcements in the coming weeks.
Over the last 2 months, only Orion Money and Alice raised a seed funding round — $1.7M and $2M respectively.
Last February, Terraform Labs introduced its investment arm, Terraform Capital: a Terra-focused fund seeded with $10M. To be considered, projects must incorporate Terra assets, LUNA, TerraUSD, mAssets, or any of Terra’s other interchain stablecoins. Terraform Capital has yet made any announced investments.
Even if very few projects raised funds, some top-class investors seem very bullish on the Terra ecosystem. Delphi Digital and IDEO CoLab Ventures, in collaboration with Terraform Labs, launched an 11-week incubator program in April, giving them preferential dealflow.
Out of the 4 winners (Orion Money, ApolloDAO, Angel Protocol, Suberra), only Orion Money raised funds.
We have included last week’s 16 fundraising rounds:
Beta Finance ($1.5M) — with participation from Spartan Group, Delphi Ventures, ParaFi Capital, Multicoin Capital, DeFiance Capital, and others.
UMA ($2.6M) — with participation from Blockchain Capital, IOSG Ventures, Sybil Capital, Amber Group, Wintermute, Stefan Cohen, Robert Leshner, Tony Sheng, Ryan Yi, Will Price, Allan Matheson, and Mirana Ventures.
NFT Oasis ($4.4M) — with participation from Brad Stephens, Lemniscap, CitizenX Crypto Ventures, Delphi InfiNFT, FlamingoDAO, ID Theory, Intellectus Partners, Koji Capital, Mechanism Capital, OzoneX Ventures, Stateless Ventures, and The LAO.
Coincover ($9.2M) — with participation from Element Ventures, DRW, CMT Digital, Avon Ventures, Valor Equity Partners, FinTech Collective, Susquehanna International Group, Volt Capital, Insurtech Gateway Fund, and the Development Bank of Wales.
hi — with participation from Hashed, Longling Capital, and Hashkey Capital.
Lithium Finance ($2.6M) — with participation from Pantera Capital, Hashed, Alameda Research, Huobi Capital, OKEx BlockDream Fund, FBG Capital, NGC Ventures, LongHash Ventures, Coin98 Ventures, Shima Capital, Gate.io, Petrock Capital, Vessel Capital, Soul Capital, GBV Capital, ZBS Capital, DuckDAO, Ellipti, Gains, Divergence Ventures, AU21 Capital, Astronaut Capital, Kyros Ventures, Autonomy Capital, 7 O'Clock Capital, Vendetta Capital, and CatcherVC.
Solrise ($3.4M) — with participation from Alameda Research, Delphi Ventures, CMS Holdings, Jump Capital, ParaFi Capital, DeFi Alliance, Reciprocal Ventures, and SkyVision Capital.
Zerion ($8.2M) — with participation from Mosaic Ventures, Digital Currency Group, Placeholder, Lightspeed Venture Partners, Blockchain.com, Alexander Pack, Wintermute, The LAO, Stani Kulechov, SevenX Ventures, Lyuben Belov, Joey Krug, Julien Bouteloup, Fernando Martinelli, Ash Egan, Nikil Viswanathan, Joe Lau, and DeFi Alliance.
Blockpit ($10M) — with participation from Tioga Capital, Force Over Mass Capital, Avaloq, Fabric Ventures, Middlegame Ventures, European Super Angels Club, and Venionaire Capital.
Index Coop ($7.75M) — with participation from 1kx, Galaxy Digital, 1confirmation, DeFiance Capital, LD Capital, Wintermute, Laconia Ventures, Assembly Capital Partners, and Phil DiIorio.
WiV Technology ($1.5M) — with participation from RedCave Ventures, Daniel Maegaard, SuperNatural, 1010 Capital, Tokenize Ltd, TMT Ventures, and Influence.
Single.Earth ($7.9M) — with participation from EQT Ventures and Icebreaker.vc.
Nutbox — with participation from Waterdrip Capital and BML.
Tranchess ($1.5M) — with participation from Spartan Group, Three Arrows Capital, LongHash Ventures, Binance Labs, and IMO Ventures.
CACHE ($1.4M) — with participation from Palisades Goldcorp.
OxyStarter — with participation from Sandeep Nailwal.
We have also added the following investors: Laconia Ventures, OPW Ventures, CitizenX Crypto Ventures, Delphi InfiNFT, Intellectus Partners, Koji Capital, Stateless Ventures, OzoneX, 1010 Capital, M31 Capital, Vessel Capital, 7 O'Clock Capital, LucidBlue Ventures, and many angels.
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See you on Thursday for Thursday Thoughts #6,
The Dove Team