dePIN Goes Solar

Nov 1, 2024 • 4 Min Read

Weekly Recap

Weekly funding increased 65% from $103 million to $170 million despite the deal count falling 15% from 26 to 22. Eight companies raised $10 million or more this week, in contrast to just 10 companies combined in the last two weeks. The bulk of funding was concentrated in the Infrastructure category, with projects raising $112 million across 12 deals. DeFi was the second most funded category, with $48 million across five deals. Among the four Gaming deals, Gunzilla Games, the creator of Off the Grid, notably raised an undisclosed amount from VanEck, representing the asset manager’s second crypto-gaming investment alongside Parallel. From a deal stage perspective, Series A was the leading funding category, comprising 30% of the funding total and 18% of the total deal count. Seed rounds were the most popular deal stage, with eight deals totaling $43 million.

Funding by Category

The chart in this report is only accessible to members
The chart in this report is only accessible to members

Funding by Stage

The chart in this report is only accessible to members
The chart in this report is only accessible to members

Deal of the Week

Glow, a solar-focused dePIN project, raised $30 million in an undisclosed round led by Framework Ventures and Union Square Ventures. $6.5 million will fund Glow’s operations, while the remainder will support the expansion of solar farms being built in India. Gl...

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