Wu's VC Monthly Report: June financing quantity and amount both fell to a two-year low
Author: Wu Says Blockchain
In June, a total of 83 investment projects were publicly disclosed by crypto VCs, a decrease of 14% month-on-month (97 projects in May 2023) and a decrease of 44% year-on-year (149 projects in June 2022). Note: Since not all financing is announced in the same month, the above statistics may increase in the future. The primary industry classifications are as follows:
In June, among the various sectors of the crypto market, the financing share of infrastructure projects was approximately 31%, DeFi accounted for about 18%, CeFi for about 8%, and NFT/GameFi for about 20%.
The total financing amount in June was $520 million, a decrease of 32% month-on-month (from $760 million in May 2023) and a decrease of 71% year-on-year (from $1.81 billion in June 2022). The rounds exceeding $15 million are as follows:
The blockchain-based AI computing protocol Gensyn completed a $43 million Series A financing led by a16z, with participation from CoinFund, Canonical Crypto, Protocol Labs, and others. Gensyn's protocol allows developers to build AI systems using connected hardware while paying on demand and utilizing a crypto-verified network.
Web3 game studio Mythical Games completed a $37 million Series C1 financing, led by Scytale Digital, with participation from ARK Invest, Andreessen Horowitz, and Animoca Brands. Mythical Games is known for its Mythical Chain blockchain and gaming ecosystem, Mythical Marketplace, and blockchain-based games NFL Rivals and Blankos Block Party.
Web3 wallet platform Galaxy Finance announced the completion of a $30 million Series B financing, co-led by Hong Kong's prominent investment fund BlackPine, Singapore's crypto investment firm QCP Capital, and U.S. blockchain investment fund Tally Capital. The new funds will be used to expand its Web3 wallet and financial education programs and to increase its influence in the Southeast Asian market.
Bitcoin mining startup Arkon Energy, which uses renewable electricity, has secured $26 million in new financing to enter the U.S. market. Arkon Energy plans to expand by acquiring a data center in Ohio, designed with a capacity of 100 megawatts, which is expected to increase the company's hash rate by the end of 2023. This financing will fund Arkon's aggressive expansion plans in North America.
The first life insurance company priced in cryptocurrency, Meanwhile, announced it has raised approximately $19 million in two rounds of seed financing, with the first round co-led by OpenAI CEO Sam Altman and former Stripe issuing head Lachy Groom, and the second round led by Gradient Ventures. The funds will be used to obtain regulatory approval and launch its first product—a whole life insurance policy priced in Bitcoin.
DWF Labs announced the additional purchase of $18 million worth of CFX tokens from Conflux to strengthen its relationship with Conflux, totaling $28 million in purchases.
Singapore-based digital payment startup dtcpay announced it raised $16.5 million in a Pre-A round of financing, led by Pontiac Land Chairman Guo Liangde. Other investors include former Carlyle Group Managing Director and Partner David Tung, Burgess Asia Chairman Jean-Marc Poullet, and former KPMG Singapore and Asia Pacific Chairman Tham Sai Choy. Founded in 2019, dtcpay offers services such as account issuance, domestic transfers, cross-border transfers, merchant acquiring, electronic money issuance, and digital payment token services.
The decentralized social protocol Lens Protocol completed a $15 million financing, led by IDEO CoLab Ventures, with participation from venture capital firms such as Blockchain Capital and DAOs like Punk DAO and DAO5. Angel investors including Uniswap CEO Hayden Adams and OpenSea co-founder Alex Atallah also participated. Lens has been in testing since May 2022, and the new funds will help expand the protocol's ecosystem.
