VC Roundup: Web3 infrastructure developers attract major investors
Despite extreme volatility in the price of crypto assets, venture funds continue to make strategic investments in the industry. In recent weeks, the focus has shifted to infrastructure developers in Web3, play-to-earn and GameFi — nascent industries that still have significant upside ahead.
Cointelegraph’s latest VC Roundup provides a rundown of funding stories that didn’t get front-page coverage but still generated significant interest from the venture capital realm.
Related: VC Roundup: Animoca leads NFT3 raise, Arca launches NFT fund and Alexis Ohanian broadens crypto exposure
Web3 infrastructure developer Subspace Labs concluded a $32.9 million funding round to advance its ongoing growth initiatives, including integrating with major blockchain networks Ethereum, Polkadot and Kusama. Subspace Labs is the creator of Subspace Network, a so-called fourth-generation blockchain that’s working to expand scalability and computing capacity without sacrificing decentralization. The network has prioritized development in the nonfungible token (NFT), GameFi and metaverse sectors. Venture firm Pantera Capital led the Subspace funding round, with additional participation from Coinbase Ventures, Crypto.com, Alameda Research, ConsenSys and many others.
Related: Cointelegraph Consulting: Exploring the DeFi components in GameFi
Web3 application developer Jambo has raised $7.5 million in seed funding to continue building its so-called “superapp” — a crypto-focused personal finance portal for the African economy. Jambo is being developed to bridge the gap between Africa and the Web3 economy that is being built on the blockchain. Jambo’s “superapp” is described as an all-in-one platform for education, play-to-earn games and personal
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