This is a weekly feature that will look back at the week that was in crypto, blockchain and Web3 and offer insights and analysis. Check out last week’s here. To see more of our Web3 coverage, visit Crunchbase’s Web3 Tracker—a new site looking at startups, investors and funding news concerning all aspects of Web3.
OK, it probably wasn’t, but it was a quiet week (and yes, she did pay up because she endorsed EthereumMax without disclosing that she was paid to do so. Don’t feel bad, she is worth $1.8 billion.).
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However, since this is the first column of October, I thought maybe we’d take a look back at the biggest funding rounds around Web3 in September.
The sector saw 125 funding rounds (rounds that went to startups in the crypto, blockchain and Web3 space), with three of those topping $100 million, according to Crunchbase data.
The big three
Palo Alto, California-based Mysten Labs closed a $300 million Series B last month at a more than $2 billion valuation led by FTX Ventures. Layer 1 system startups build their own blockchain—meaning it will not sit on Ethereum or another network, but be its own decentralized network. Layer 1 players have seen big money and valuations recently, as fellow Palo Alto-based startup Aptos Labs closed a $150 million Series A led by FTX Ventures and Jump Crypto at a $2 billion valuation in July.
Santa Monica, California-based sports metaverse company LootMogul secured a $200 million investment commitment from Gem. The startup is looking to build virtual sports cities based on real-world brands and professional athletes. Sports are big in the real world; we’ll see how big they get in the metaverse.
The final nine-figure round last month went to Hong Kong-based blockchain gaming developer Animoca Brands. The company snagged $110 million in funding as it starts to prepare for a possible initial public offering. Temasek, GGV Capital and Boyu Capital were some of the big names taking part in the financing that held the company’s value at roughly $5.9 billion.
Those rounds pushed crypto and Web3 funding to its best month since June, with VC-backed startups raising nearly $1.6 billion in September, per Crunchbase data.
Illustration: Dom Guzman
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