VC Monthly Report:Funding Overview in September

4 min readOct 2, 2022

Author: Wublockchain Joey

According to Messari, there were 97 public investments in crypto VCs this month, down 6.8% MoM (104 projects in August 2022) and down 23% YoY (126 projects in September 2021). The first category of the industry is as follows.

The NFT/GameFi field saw a significant drop in funding amount this month, accounting for only 13.4%. The remaining, CeFi, DeFi and Infrastructure fields each accounted for approximately 8.2%, 15.4% and 27.8%.

Total funding amount for the month was $1.57 billion, up 14.6% MoM ($1.37 billion in August 2022) and down 48.2% YoY ($3.03 billion in September 2021). The top 10 funding rounds (excluding CeFi) are as follows.

Mysten Labs is the development team for Sui, currently valued at over $2 billion. The round was led by FTX, with other investors including a16z, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners Sino Global, Dentsu Ventures, NGC Ventures, A&T Capital, Bixin Ventures, Greenoaks Capital, O’Leary Ventures, and others. Investors in this round will receive equity in Mysten, a portion of Sui’s native token, which will begin trading at the time of Sui’s public launch.

Strike is a crypto wallet based on the Bitcoin Lightning Network. The funding round was led by Ten31, with other investors including Susquehanna, and will be used to build partnerships with major retailers such as Starbucks.

Fuel Labs was the first Optimistic Rollup to be deployed on the ETH mainnet, primarily for payment-focused applications, and the current Fuel begins plans for a modular execution layer. This round was led by Blockchain Capital and Stratos Technologies, with participation from Alameda Research, CoinFund, Bain Capital Crypto, TRGC, Maven 11 Capital, Blockwall, Spartan, Dialectic and ZMT. Dialectic and ZMT, among others.

Doodles has now launched Dynamic NFT, which allows users to change the appearance of the NFT to a full body frame or avatar at any time they want, and the NFT will be accompanied by animations and original music. The funding was raised with participation from Reddit co-founder Alexis Ohanian’s 776, FTX Ventures and others. Doodles plans to use the proceeds from its capital inflow to increase its valuation to $704 million to expand in the music and gaming space.

Sardine is a fraud detection platform that currently offers two products, an application programming interface (API) that companies can use to address fraud when opening an account or when money is flowing, and a payment platform that enables users to use bank transfers and bank cards to purchase cryptocurrencies and NFTs. The funding was raised with participation from Visa, ConsenSys, a16z and ING Venture, among others.

Portofino Technologies, founded in April last year, is developing high-frequency trading technology for digital assets and claims to have traded billions of dollars on centralized and decentralized cryptocurrency exchanges as well as over-the-counter. The funding was raised with participation from Valar Ventures, Global Founders Capital and Coatue at an undisclosed valuation.

Theorycraft is a game studio. The round was led by Makers Fund, with participation from NEA and a16z. Theorycraft Games says it will use the funding to accelerate development of its first game, Loki, and it is not yet clear whether Loki will introduce crypto mechanics.

MPCH Labs is a multi-party computing technology studio that uses the MPC6 engine to create a toolkit for organizations to manage their crypto assets, wallets and workflows on a version-by-version basis. The funding was led by Liberty City Ventures, with participation from Animoca and others, and will be used for MPCH’s first product called Fraction, which is expected to launch later this year.

3Commas, an automated crypto trading bot platform, was led by Alameda Research, Jump Capital, and others to fund a subsidiary called DeCommas that will focus on automatically access to the DeFi protocol.

Diamond Standard is a startup focused on tokenizing diamonds and opening up the $1.2 trillion diamond market to investors. The $30 million investment, co-led by Left Lane Capital and Horizon Kinetics, will be used to expand capacity and accelerate distribution.

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Colin Wu, Chinese journalist, won 2013 China News Award