​​Binance Labs raises a $500 million fund

Edition #87 - 20 NOV 2023

Binance Labs, the venture capital and incubation arm of crypto exchange Binance, has raised a new $500 million fund to back web3 projects. Backers of the fund include DST Global Partners, Breyer Capital and unnamed private equity funds, family offices and corporations as limited partners.

gaming developments

• ​​​​Korean Mobile Gaming Market to Hit $3.6 Billion and our portfolio company Mars4 getting on the front page of Korean leading web3 gaming marketplace WeMix Play. ​​

• Platform focused on blockchain gaming in Telegram EthXY raised $1.6M in a Pre-seed funding round led by a16z Crypto Startup School (CSS), Orange DAO, with participation from Pioneer Fund, WWVentures, Nonce Classic, FounderHeads VC, Space Whale Capital, MH Ventures, Moneyture Ventures, YTWO VC, WAGMI Ventures, DAO KONDR VC, Pepper Ventures.

• PancakeSwap expands with Web3 games marketplace.

• ​​Gaming studio developing collectible tactics game Shardbound Bazooka Tango raised $5M funding round led by BITKRAFT Ventures, with participation from RW3 Ventures, Sfermion, 1up Ventures, Foresight Ventures, Builder Capital.​​

metaverses & AI

• ​​​​​​​​​​​​​​​​​​AI-powered crypto intelligence platform for transparent market insights Arkham closed funding round led by Binance Labs Fund. Amount raised is not disclosed.

• ​​Korean blockchain-based K-pop startup Modhaus raised $8M in a Series A funding round led by Sfermion, with participation from SM Culture Partners, Laguna Investment, KDDI Open Innovation Fund III (KOIF III), Foresight Ventures.

defi

• ​​​​​​​​Decentralized cross-chain protocol Kinetex Network closed Strategic funding round led by Factor Ventures, Gnosis DAO. Amount raised is not disclosed.

• ​​Avalanche-based DeFi platform SteakHut Finance closed Seed funding round led by Varys Capital, with participation from Blizzard, Avalaunch, Hansen, IronBoots, Coinflipcanada. Amount raised is not disclosed.

funding rounds

• ​​​​​​​​​​​​​​​​​​Cryptocurrency Venture Capital Firm Foresight Ventures acquires majority stake in leading information services firm The Block, valuing the firm at $70 million.

• ​​Centralized cryptocurrency exchange BlockchainCom raised $110M in a Series E funding round led by Kingsway Capital, with participation from Baillie Gifford, Lakestar, Lightspeed, Coinbase Ventures.

• ​​Web3 messaging and social platform Beoble raised $2M in a Pre-seed funding round led by Digital Currency Group (DCG), Samsung Next, with participation from Hashkey Capital, Genesis Block Ventures Capital (GBV), Tokenbay Capital, Momentum 6 (M6).

• First KYC'd layer-2 blockchain Kinto raised $3.5M funding round led by Kyber Capital, The Spartan Group, ParaFi Capital, with participation from SkyBridge Capital, Kraynos Capital, Deep Ventures, Modular Capital, Tane, Robot Ventures, Santiago R. Santos, Alex Klokus.

• ​​Asset management firm Superstate raised $14M in a Series A funding round led by Distributed Global, CoinFund, with participation from Breyer Capital, Galaxy Digital, Arrington Capital, Road Capital, CMT Digital, Folius Ventures, Nascent, Hack VC, Modular Capital, Department of XYZ.

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