Crypto startups secure $691 million in venture capital during September News ▸ US ▸ Investments
Crypto startups secure $691 million in venture capital during September
Investments in blockchain gaming grew for the second consecutive month, with $68 million directed at this sector's startups.
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Updated: Oct. 3, 2024 at 11:42 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Venture capital (VC) funds invested over $659 million in crypto startups last month, representing a 3% increase compared to August, according to DefiLlama data.
The blockchain gaming sector grew for the second consecutive month, with VC funds pouring $63 million into blockchain titles, marking a 32% monthly growth.
Nearly half of the money raised by blockchain gaming startups was directed at Balance Games. The project received $30 million from companies such as Animoca, a16z, Aptos Labs, and DWF Labs to combine blockchain and artificial intelligence to create more enjoyable user experiences.
Infrastructure
Projects building blockchain infrastructure received $457 million in September, dominating 71.5% of the funds received by the whole crypto ecosystem in the period. This is virtually the same amount captured by the sector in August.
Celestia (TIA) raised $100 million through a “strategic” funding round, the largest among infrastructure startups. The round was led by Bain Capital Crypto and included participation from 1kx, Robot Ventures, Syncracy Capital, and Placeholder.
Additionally, Huma Finance raised $38 million to develop its blockchain-based payment network in a round that included participation from Fenbushi Capital, HashKey Capital, and ParaFi Capital.
DeFi funding declines
Despite the stability in blockchain infrastructure-related investments, DeFi ecosystem startups received $58 million last month, down 55% from August.
Drift led the largest DeFi funding round, securing $25 million in a Series B round led by Multicoin Capital. The second-largest investment round by DeFi startups was led by Puffpaw, a “vape-to-earn” application developed on Berachain.
Web3 adoption received a boost last month, with $59 million directed toward startups building blockchain-based versions of traditional services.
Tune.fm, a decentralized music streaming platform similar to Spotify, raised $50 million during the month from Global Emerging Markets Group.
Mentioned in this article
Author 
Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).
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Celestia
$5.40530
Celestia (TIA) is the first modular blockchain network that enables anyone to deploy their own blockchain with minimal overhead easily.
Hashkey Capital
HashKey Capital is an institutional asset manager investing solely in blockchain technology and digital assets.
Animoca Brands
Animoca Brands, a Deloitte Tech Fast winner and ranked in the Financial Times list of High Growth Companies Asia-Pacific 2021, is a leader in digital entertainment, blockchain, and gamification.
DWF Labs
DWF Labs is a global digital asset market maker and multi-stage web3 investment firm.