VCs Bet Big on Interoperability
Funding declined slightly this week, from $316M to $254M, with infrastructure making up the majority of funding for the second week in a row at $200M, nearly 80% of total funding. Infrastructure also had one of the biggest deals of the year – LayerZero Labs, an interoperability protocol that raised $120M in a Series B round. We discuss this deal in more depth later in this report. Other segments lagged behind, with each other category accounting for less than $25M.
There were three crypto funds raised this week. The RxR Opportunities Fund raised $100M to invest in liquid tokens. This fund is a strategic venture between VC firm, Re7 Capital and crypto infrastructure firm, Republic Crypto. Theory Ventures raised $230M to invest in web3, data, and machine learning startups and Delphi Labs raised $14M for a web3 accelerator that will invest $200,000 in each team accepted into the 4-6 month program.
The Deal of the Week
This week's Deal of the Week is LayerZero Labs, the team behind the blockchain interoperability protocol, LayerZero. LayerZero Labs raised $120M in Series B funding in a round that included a16z Crypto, Sequoia Capital, and Circle Ventures, among others. This round puts LayerZero Labs at a whopping $3 billion valuation. The team has ...Reports you may have missed
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