The Open Network raises $30M, Drift Protocol brings in $25M

The top two companies that raised the most funds in the last seven days were Open Network and Drift Protocol.

According to a report by Galaxy, 2024 is set to be a good year for the fundraising industry, with a steady increase in funds raised. As of July 1, founders are reporting an active fundraising environment.

Although the number of transactions decreased from 603 in the first quarter to 577 in the second quarter, capital investments paint a different picture, increasing from $2.5 billion in the first quarter to $3.2 billion in the second quarter.

Data shows a 28% increase in capital invested quarter-over-quarter. As for geography, US-based companies accounted for over 40% of all deals in Q2.

The United Kingdom followed with a 10% share, while Singapore accounted for 8.7% of all deals.

As for the latest crypto VC funding rounds, crypto.news has compiled the latest announcements from September 15 to September 21 using data from Crypto Fundraising. Here’s a look at the companies that made headlines with rounds of $100 million and above.

Open Network, $30M TON is a layer-1 blockchain that was originally developed as the Telegram Open Network. Now known as the Open Network (TON), it raised $30 million this week and over $54 million since its inception in 2018. Bitget and Foresight Ventures contributed to the latest fundraising effort. Drift Protocol, $25M Drift Protocol is a Solana-based DEX that offers spot trading, swaps, and perpetual futures. It closed a $25 million Series B funding round led by Multicoin Capital. The company has raised over $52.3 million to date. Helius, $21.75M Helius is a provider of RPC Nodes, APIs, webhooks, and developer tools. Lead investors of the $21.75M include HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One, and Spearhead. Helius has raised a total of $34.35 million to date.

friends and enemies,

We’re announcing our latest raise from the best of the best

We have one goal: to increase the speed of crypto and solana app developers

We solve big problems in distributed systems at incredible scale and speed with the best engineers – come join us

Now go back to work pic.twitter.com/0XCVIvPonv

— mert | helius.dev (@0xMert_) September 19, 2024

Hemi Labs, $15M Hemi Labs is a layer 2 protocol focused on security and interoperability between Bitcoin (BTC) and Ethereum (ETH). The company raised $15M from investors including Binance Labs, Breyer Capital, Big Brain Holdings, Crypto.com, etc. Pipe Network, $10M Pipe Network is an incentivized internet infrastructure that raised $10M from Multicoin Capital. Yellow Network, $10M Yellow is a blockchain product and infrastructure company. Investors including Consensys, GSR, Global, Gate.io Labs, ZBS Capital, and others contributed to the startup’s $10M fundraising round.

⚡️ @Yellow Announces closing of $10 million seed funding round

Yellow Network, a decentralized exchange network for digital assets, raises $10 million in seed funding led by @Fluctuation Co-Founder and Silicon Valley Pioneer @ChrislarsensfAdditional tour participants included… pic.twitter.com/VrBjZgOUZ7

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) September 18, 2024

Under $10M in additional funding round TrueX: Non-custodial, stablecoin native exchange officially launched with $9M in funding courtesy of RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation, and Aptos Fermah: CSX, Lemniscap, Bankless Ventures, and LONGHASH Ventures were among the backers of the $5.2M round Valve: Coinbase Ventures, Manifold, GSR, DeFiance Capital, and Auros joined a $5M fundraising effort Cudis: Startup raises $5M from Draper Associates, Anthony Scaramucci’s SkyBridge Capital, Penrose, Block Patch, Trinito, and other investors

Click here for last week’s column.