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Berachain Secures $100 Million in Funding Round
Decentralized finance (DeFi)-focused Layer 1 blockchain platform Berachain recently announced securing $100 million in a funding round led by Brevan Howard Digital and Framework Ventures. The funding round also saw participation from Polychain Capital, Samsung Next, Hack VC, Animoca Brands, Hashkey Capital, Polygon co-founder Sandeep Nailwal, and more.
About Berachain
Berachain, founded by anonymous developers Smokey the Bear, Homme Bera, and Dev Bear, is described as a high-performance EVM-compatible blockchain built on Proof-of-Liquidity consensus. This novel consensus mechanism aims to align network incentives, fostering a strong synergy between Berachain validators and the ecosystem of projects.
Berachain’s Funding History
In 2023, Berachain raised $42 million in its Series A funding round at a valuation of $420.69 million. The round was led by Polychain Capital and included investments from Hack VC, CitizenX, Dao5, Tribe Capital, Robot Ventures, Shima Capital, and multiple centralized exchange venture funds.
Venture Capital Trends in Crypto Space
Venture capital funding in the Web3, gaming, AI, and crypto sectors has seen a significant uptick in the first quarter of 2024, breaking a two-year downtrend. Data indicates a 38% increase in funds invested and a 49% rise in the number of projects receiving funding, reflecting renewed investor confidence in the crypto industry.
Recently, Andreessen Horowitz (a16z) announced a $30 million investment in gaming startups through its a16z Speedrun program, allocating $750 per startup. The application deadline for funding is May 19, with shortlisted candidates to be notified by the end of July.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
