Crypto startups had a successful week in fundraising, with a total of $107.6 million raised between July 28 and Aug. 3. Morpho, DuelNow, and Daylight were among the top recipients of investments during this period. Let’s take a closer look at these companies and their recent funding rounds.
Morpho, a decentralized crypto lender, secured a significant $50 million in a strategic round led by Ribbit Capital. This funding will help Morpho enhance its decentralization efforts and support its goal of making financial infrastructure accessible to all. The company, originally focused on optimizing Aave and Compound, has expanded into a comprehensive lending protocol known as Morpho Blue, which includes risk management features.
DuelNow, a decentralized sports betting platform, received $11 million in fresh capital. GEM Digital Limited led the investment with $10 million, with additional contributions from notable figures like Charlie Lee and Billy Markus. DuelNow aims to revolutionize the sports betting industry by leveraging blockchain technology on the Arbitrum network to provide transparent and peer-to-peer betting experiences.
Daylight, a project specializing in decentralized physical infrastructure networks for energy distribution, raised $9 million in a series A round. A16z Crypto led the funding round, with support from Framework Ventures and others. Daylight plans to use the capital to accelerate its efforts in optimizing energy consumption and distribution through a decentralized network that connects various energy devices like solar panels and electric vehicle chargers.
In addition to these top recipients, other notable investments in the crypto and blockchain space include Hyperbolic Labs, which closed a $7 million seed funding round. The AI infrastructure startup aims to democratize access to AI technology by aggregating idle GPU resources globally to provide affordable AI compute power.
Furthermore, Pichi Finance, a protocol focusing on trustless points trading, raised $2.5 million in a seed round, while Raad Labs, a blockchain climate tech company, secured $2.25 million to improve climate data measurement through a distributed sensor network. Several other companies in various stages of fundraising collectively raised $11.1 million, highlighting the ongoing growth and investment in the crypto and blockchain ecosystem.
Overall, the recent funding activities underscore the continued interest and support for innovative blockchain and crypto projects that aim to disrupt traditional industries and drive positive change through decentralized technologies.