Crypto Startups Raised $201.4M in Venture Funding Last Week, Led by Infrastructure

The largest fundraises for the week belonged to metaverse startup Futureverse and RISC Zero, which creates developer tools for zero-knowledge proofs.

Crypto-specific investment firm CoinFund has raised $158 million to support pre-seed and seed stage investments in new startups across the Web3 sector. The news was first reported by Bloomberg. The Hash” panel discusses the outlook of institutional investor confidence in a bear market, as Web3 funding from venture capital funds has plunged 76% in the second quarter when compared to the same period a year ago, according to data from Crunchbase.

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Venture capital and investment firms poured $201.4 million into crypto projects last week with eleven companies announcing funding rounds. The largest rounds belonged to a $54 million raise for metaverse startup Futureverse and a $40 million Series A round for RISC Zero, a provider of zero-knowledge proof tools for developers.

Infrastructure projects continued to show resilience against the crypto winter this week with six of the funding rounds belonging to this category: RISC Zero, Cosmic Wire, Manta Network, Echooo Wallet, Side Protocol and Over Protocol. RISC Zero and Manta Network are also both focused on zero-knowledge technologies, a rising cryptographic way of mathematically validating transactions while maintaining privacy.

The token of one project, RDNT from Binance Labs-backed DeFi lender Radiant Capital, jumped over 10% to 31 cents after the deal was announced.

In other venture capital news this week, Fortune reported that crypto-focused firm Polychain Capital had raised $200 million in an initial close for its fourth venture capital fund. Polychain has not confirmed those details.

The data in the table only includes funding rounds where an amount was specified. The information was current as of 5 p.m. ET on Friday, July 21. Any deal announced after that time will go into next week’s roundup.

Crypto fundraises for the week of July 17 (Brandy Betz / CoinDesk)

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Brandy Betz

Brandy covers crypto-related venture capital deals for CoinDesk.

Follow @BrandyBetz on Twitter

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