Boardroom’s latest metaverse VC roundup also includes fundraising updates from Variant, Stadium Live Studios, Crypto SNACK, and more.
It’s time for a check-in on Web3 venture capital deals in the latest edition of our bi-weekly Metaverse VC Roundup. The past two weeks have seen a host of eight-figure-plus deals, with buy-in from industry stalwarts like Dapper Labs and FTX.
The biggest deals to report come from a variety of corners in Web3, including fantasy sports, gaming, security, and banking. Let’s dig a little deeper.
Coherent: $4.5M to Build APIs for Blockchain Data
Coherent, a blockchain data startup founded by a former Coinbase senior software engineer, closed a $4.5 million seed funding round co-led by Kindred Ventures, Matchstick Ventures, and Foundry Group.
Carl Cortright launched Coherent in April after working at Coinbase for nearly four years. At his new venture, Cortright is focused on creating APIs for developers to build applications using its data. Coherent will collect NFTs, credentials, and on-chain transaction history data.
“We will be like Plaid for crypto,” Cortright told The Block. “Like how Plaid allows you to connect a bank account and then get all the transactions from that bank account to their API. We will allow you to connect to a wallet address and get all of the information about that address easily in a very digestible way.”
Some other participating investors include former Coinbase employee Dan Romero, Coinbase Ventures, Alchemy, and Chapter One.
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Stadium Live Studios: $10M for Sports Community Platform
Canada-based Stadium Live Studios raised a $10 million Series A to bring fantasy sports to Generation Z.
The funding round was led by KB Partners and Union Square Ventures, with participation from 35 Ventures, Dapper Labs Ventures, Breakout Capital, Alumni Ventures, and more.
The company launched in 2020 with its flagship sports community platform called Stadium Live. Users can create avatars, buy and collect digital collectibles, build communities of friends, play games, and more.
One innovative feature currently in beta on the app is Rooms, which lets users create spaces that reflect their interests. Sports highlights, music, TikTok videos, and more can be added there. The Stadium Live app is live for iOS devices, with the Android release coming this fall.
Stadium Live Studios is specifically targeting younger generations to boost sports viewership. The app has a component for users to gain points and interact based on live sporting events. A portion of the fresh funding will also go toward hiring more engineers, product resources, and the Android release. Stadium Live Studios is working on launching new features in the apps like Clubs, which will allow users to develop their own mini-communities and followings.
This latest funding infusion comes after Stadium Live Studios closed a $3 million seed round in January 2021. The company reports that its valuation is $32 million after its latest round.
Unstoppable Domains: $65M Series A at a $1B Valuation
Web3 digital identity platform company Unstoppable Domains closed a $65 million Series A funding round at a $1 billion valuation.
Unstoppable Domains offers NFT domains that grant people full ownership of their digital identity. The company was founded in 2018 and reports that it has generated more than $80 million in sales since its offerings hit the market in early 2019. Unstoppable Domains has registered 2.5 million domains that are being used across various Web3 applications, decentralized websites, and crypto wallets.
The company’s latest funding round was led by Pantera Capital with participation from CoinGecko, Polygon, Alchemy Ventures, Sound Media Ventures, and others.
“For too long, companies have controlled people’s digital identities, and Unstoppable Domains is putting that power back into the hands of people,” said Matthew Gould, founder and CEO of Unstoppable Domains, in a statement. “As the digital economy becomes a larger part of our lives, it’s time for people to own their identity on the internet.”
Crypto SNACK: $50M from GEM Digital
Crypto SNACK, an iGaming token on the Binance Smart Chain blockchain, secured a $50 million investment from digital asset investment firm GEM Digital. The Estonia-based company plans to use the investment to build connections with crypto exchanges, build its blockchain infrastructures, and add more global professional sports partners.
Aptos Labs: $150M for Layer 1 Blockchain
Blockchain startup Aptos Labs closed a $150 million Series A led by FTX Ventures and Jump Crypto.
The company was founded by a group of former Meta employees who worked on the company’s failed cryptocurrency project, including CEO Mo Shaikh. The round also includes investments from Griffin Gaming Partners, Multicoin Capital, Franklin Templeton, Circle Ventures, and a16z Crypto. Aptos Labs plans to use the funding to develop its Layer 1 blockchain.
Aptos Labs has raised a total of $350 million this year already.
More Web3 Notes:
- The Root Labs, a market protocol powered by the Beanstalk stablecoin, raised $9 million to build a decentralized marketplace with zero fees.
- Variant Fund, an early-stage fund investing in Web3, announced its third fund valued at $450 million.
- Africa was the only region to see a gain in blockchain venture deals in Q2 (up 189%) compared to the first quarter of the year, a recent report from The Block Research shared.
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