November strengthened venture capitalists’ confidence in crypto and Web3 projects, with major funding rounds returning to the charts alongside seed capital for early-stage firms.
Cross-chain protocol Wormhole, for instance, secured a $225-million investment at a valuation of $2.5 billion. The round was led by Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, ParaFi, Dialectic, Borderless Capital and Arrington Capital.
Another example of capital flocking to Web3 is Rokid. Backed by Temasek Holdings, the startup secured $112 million at a valuation of $1 billion for international expansion, targeting the next generation of virtual reality hardware solutions.
Additionally, early-stage crypto startups cashed smaller checks in November, with BITKRAFT Ventures lending a hand to creative economy platforms and gaming studios in recent weeks.
Cointelegraph’s venture capital (VC) roundup features some of the projects that raised capital in November.
Music collaboration platform Baton raises $4.2 million
Collaboration platform Baton has closed a $4.2 million funding round led by BITKRAFT Ventures with participation from Techstars, Dorm Room Fund, NYU’s Innovation Venture Fund, the Berkley Center for Entrepreneurship, Dark Arts, Franklin Templeton and Harmonic Future. By leveraging this capital, Baton plans to expand its team and accelerate its product roadmap. The startup is developing an ecosystem dedicated to addressing key issues in the music industry by curating and delivering content “to the right ears, at the right time,” as well as encouraging collaboration and fair compensation for creators. “As a lifelong musician, I’ve seen how challenging it can be for even the most talented creatives to support themselves from their work,” said Baton CEO Gabe Warshaw in a statement, adding that the amount of unreleased songs is a “tremendous untapped” market opportunity.
⚡️@baton_media has raised $4.2M in a funding round led by @BitkraftVC with participation from @Techstars, @DormR
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Author: Ana Paula Pereira
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