VC Roundup: Web3 infrastructure developers attract major investors
Despite extreme volatility in the price of crypto assets, venture funds continue to make strategic investments in the industry. In recent weeks, the focus has shifted to infrastructure developers in Web3, play-to-earn and GameFi — nascent industries that still have significant upside ahead.
Cointelegraph’s latest VC Roundup provides a rundown of funding stories that didn’t get front-page coverage but still generated significant interest from the venture capital realm.
Pantera leads $32.9M Subspace Labs funding round
Web3 infrastructure developer Subspace Labs concluded a $32.9 million funding round to advance its ongoing growth initiatives, including integrating with major blockchain networks Ethereum, Polkadot and Kusama. Subspace Labs is the creator of Subspace Network, a so-called fourth-generation blockchain that’s working to expand scalability and computing capacity without sacrificing decentralization. The network has prioritized development in the nonfungible token (NFT), GameFi and metaverse sectors. Venture firm Pantera Capital led the Subspace funding round, with additional participation from Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys and many others.
Related: Cointelegraph Consulting: Exploring the DeFi components in GameFi
Jambo raises $7.5M to develop Africa's crypto economy
Web3 application developer Jambo has raised $7.5 million in seed funding to continue building its so-called “superapp” — a crypto-focused personal finance portal for the African economy. Jambo is being developed to bridge the gap between Africa and the Web3 economy that is being built on the blockchain. Jambo’s “superapp” is described as an all-in-one platform for education, play-to-earn games and personal finance. Some of blockchain’s biggest venture funds participated in the seed round, including Delphi Ventures, Coinbase Ventures, Three Arrows Capital, Alameda Research, Polygon Studios and Yield Guild Games.
Haruko closes $10M funding round
Crypto investment infrastructure provider Haruko has closed a $10 million seed round that was co-led by venture firms Portage Ventures and White Star Capital. Haruko provides technological solutions that allow hedge funds, crypto-native banks and other institutions to trade digital assets in a more familiar setting. The seed round will be used to finance the development of a back-end solution intended to bridge the gap between institutional capital and the crypto industry.
Bullish? Institutional investors are back. After five weeks of constant outflows, institutional investment is finally trickling back into crypto funds, with $BTC the asset of choice and $ETH falling out of favor. https://t.co/B4FB6N4aF8
— Cointelegraph (@Cointelegraph) January 26, 2022Gamepay earns pre-seed investment
Metaverse company Gamepay has raised $1.2 million in pre-seed capital to expand its presence in the play-to-earn NFT gaming sector. The funding round was led by venture firm Seier Capital, with additional participation from 8i Holdings. Gamepay has created a platform that allows developers to launch their own play-to-earn games using tools that can help them grow and sustain their own digital communities. The platform is slated to release its own marketplace for NFTs and P2E game projects later this month.