VC roundup: NFT, crypto-backed loans, 5G network and Web3 developers raise millions of dollars

The cryptocurrency market has failed to make significant headway in recent months, but that hasn't stopped the industry's builders from building. Non-fungible tokens (NFTs), crypto-backed loans, blockchain-powered cellular networks, and Web3 gaming have all piqued the interest of venture capitalists. These new, familiar investment themes headline the latest VC Roundup as VC funds continue to target blockchain’s most promising value sectors.

a16z executive backs new NFT fund

This month, Andreessen Horowitz continued its foray into the blockchain industry after the bulk of the firm’s investment team backed a new non-fungible token fund called Curated. The fund is worth $30 million and its sole purpose is to buy and hold NFT artwork. Among a16z executives, Marc Andreessen, Arianna Simpson, Chris Dixon, Andrew Chen and John Lai are investors in the fund, Tech Crunch reported. In an inflationary environment, NFTs and traditional art are increasingly being viewed as stores of value. (Interestingly, a16z has been talking about NFTs since at least 2020, which is a long time ago in the crypto industry.)

Crypto Mortgage Lender Milo Gets $17M

Cryptocurrency-focused fintech startup Milo has raised $17 million in Series A funding from venture capital firms M13, QED Investors and MetaProp. Milo will use the funds to launch a range of products, including a 30-year crypto mortgage, where users can use digital assets as collateral for home loans. Milo's 30-year mortgage has received more than 7,400 applications since its launch in January. The company's first product — a mortgage solution for foreigners — processed $500 million in applications from more than 90 countries.

Crypto-friendly neobank raises $77 million

Scandinavian neobank Lunar is planning to launch a new cryptocurrency platform and business-to-business services after raising $77 million at a $2 billion valuation. The crypto trading service will initially focus on just five assets: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polkadot (DOT) and Dogecoin (DOGE). The firm’s crypto strategy reflects a growing desire to serve more consumer-facing industries in a region where digital asset transactions have grown significantly. Lunar is already in the process of raising money for its next funding round, which is expected to close in May, Tech Crunch reported.

FreedomFi Completes $9.5 Million Financing

Crypto-friendly 5G developer FreedomFi has raised $9.5 million in funding to advance a Web3 platform that enables consumers to crowdsource the deployment of small cell networks using digital assets. Its Series A round was funded by Blueyard Capital, Qualcomm Ventures, and Samsung Next. FreedomFi has entered the digital asset space and is partnering with the Helium blockchain in 2021 to advance the widespread adoption of cell towers at the consumer level.

Web3 platform Joyride raises $14 million

Web3 gaming platform Joyride Games recently closed a $14 million seed round with funding from some of the largest venture funds in the blockchain industry, including BITKRAFT Ventures, SuperLayer, Coinbase Ventures, Animoca Brands, Dapper Labs, and Solana Ventures. The Joyride platform is primarily aimed at developers who want to build and launch blockchain-based esports and social games. The company said it plans to launch the first games on its platform in the near future.

Crypto Unicorns Completes $26M Token Sale

Web3 game developer Laguna Games has completed a $26 million token sale for its Polygon-based NFT series Crypto Unicorns. The largest buyers include TCG, Backed VC, ACME Capital, BITKRAFT Ventures, Delphi Digital, Polygon Studios, and CoinFund, among others. Laguna Games said that all funds raised will be allocated to Crypto Unicorns’ DAO treasury, and governance of its treasury will be handed over to the community over time.

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