The Open Network and Drift Protocol emerged as the top two firms with the highest funds raised in the last seven days.

According to a recent report, 2024 has been a favorable year for the fundraising industry, showing a steady increase in funds raised. As of July 1, founders are reporting an active fundraising environment. Although there was a slight decline in deal count from 603 in the first quarter to 577 in the second, capital invested tells a different story with a rise to $3.2 billion in Q2 from Q1’s $2.5 billion.

Data indicates a 28% increase in capital invested quarter over quarter. In terms of geographical distribution, companies headquartered in the United States accounted for more than 40% of all deals in Q2. The United Kingdom followed with 10%, and Singapore enjoyed 8.7% of all deals.

Let’s take a closer look at the companies that made headlines with their million-dollar-plus rounds of funding from September 15 to September 21.

The Open Network: $30 Million

The Open Network (TON) is a layer-1 blockchain initially developed as the Telegram Open Network. Now known as The Open Network, it raised $30 million this week, amassing over $54 million since its inception in 2018. Recent contributors include Bitget and Foresight Ventures.

Drift Protocol: $25 Million

Drift Protocol, a Solana-based decentralized exchange (DEX) offering spot trading, swaps, and perpetual futures, closed a $25-million Series B funding round led by Multicoin Capital. To date, the firm has raised over $52.3 million.

Helius: $21.75 Million

Helius, a provider of RPC Nodes, APIs, webhooks, and developer tooling, secured $21.75 million from lead investors such as HAUN, Founders Fund, Foundation Capital, 6MV, Chapter One, and Spearhead. The firm has raised a total of $34.35 million so far.

Hemi Labs: $15 Million

Hemi Labs, a layer-2 protocol focusing on security and interoperability across Bitcoin and Ethereum, raised $15 million from investors including Binance Labs, Breyer Capital, and Big Brain Holdings.

Pipe Network: $10 Million

Pipe Network, an incentivized internet infrastructure provider, clinched $10 million from Multicoin Capital.

Yellow Network: $10 Million

Yellow, a blockchain product and infrastructure company, raised $10 million in a funding round led by investors like Consensys, GSR, and Global.

Additional Funding Rounds Under $10 Million

  • TrueX: Launched with $9 million in funds from RRE Ventures, Paxosm Accomplice, Hack VC, Solana Foundation, and Aptos.
  • Fermah: Raised $5.2 million from CSX, Lemniscap, Bankless Ventures, and LONGHASH Ventures.
  • Vana: Secured $5 million from Coinbase Ventures, Manifold, GSR, DeFiance Capital, and Auros.
  • Cudis: Collected $5 million from Draper Associates, SkyBridge Capital, Penrose, Block Patch, and Trinito.

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