Lemniscap, a seven-year-old firm that has backed multiple companies in the crypto blockchain space, led the effort. The firm previously led the $2.4-million funding round for web3 startup Safary in January. The seed round also included participation from several angel investors, including Sreeram Kannan, Brandon Kase, Daniel Lubarov, DCbuilder, Chainyoda, Weikeng Chen, Sam Benyakoub, Lucas Kozinski and Peter Fittin (SizeChad).
The funds are expected to give the company enough runway to execute near-term goals. New York-based Monad Labs, for example, scored $225 million in funding as part of a round led by Paradigm. Monad is a layer-1 blockchain compatible with the Ethereum Virtual Machine but can process transactions using the same set of rules faster.
There was also Bitcoin layer-2 network Mezo. The startup raised $21 million in a Pantera-led funding round. However, investors don’t appear to be warming up to blockchain-related gaming companies.
That’s a 57% decrease compared to the previous three-month period.