Wu Says VC Monthly Report: November Sees Lowest Number and Amount of Financing in a Year

According to statistics from RootData, there were a total of 86 investment projects publicly disclosed by Crypto VCs in November, representing a month-on-month decrease of 13.1% (99 projects in October 2024) and a year-on-year decrease of 8.5% (94 projects in November 2023). Note: Since not all financing is announced in the same month, the above statistics may increase in the future. The classifications for various sub-sectors are as follows:

Among these, CeFi accounts for about 8%, DeFi for about 27%, NFT/GameFi for about 19%, L1/L2 for about 16%, RWA/DePIN for about 9%, Tool/Wallet for about 5%, and AI for about 15%.

The total financing amount in November was $450 million, a month-on-month decrease of 43.8% (totaling $800 million in October 2024) and a year-on-year decrease of 65.1% (totaling $1.29 billion in November 2023). The top 10 rounds by amount are as follows:

The stablecoin issuance protocol usdx.money announced the successful completion of its latest funding round, with a post-financing valuation of $275 million. This round raised approximately $45 million, with major investors including NGC, BAI Capital, Generative Ventures, and UOB Venture Management, among others. Some investors participated through warrants. Existing supporters of the project include Dragonfly Capital and Jeneration Capital.

The Web3 infrastructure company 0G Labs announced the completion of a $35 million Pre-Seed funding round, led by Hack VC, with participation from Alliance, Animoca Brands, Delphi Digital, Stanford Builders Fund, Symbolic Capital, and OKX Ventures. The new funds will be used to build a modular artificial intelligence blockchain.

The sports prediction platform Monkey Tilt announced the completion of a $30 million Series A funding round, led by Pantera Capital, with participation from Polychain Capital, PokerGo, Hack VC, Dream Ventures, Accomplice, Mirana, and Josh Hannah. This latest financing brings the total funding amount to over $50 million.

Bitcoin miner manufacturer Canaan Inc. recently signed a securities purchase agreement to sell up to 30,000 shares of Series A-1 preferred stock to an institutional investor at a price of $1,000 per share. This agreement will raise $30 million to support the development of digital mining and equipment in North America. Previously, Canaan completed a Series A financing round in September 2024, selling up to 125,000 Series A convertible preferred shares. Canaan has also signed a follow-up purchase agreement with HIVE Digital Technologies for the delivery of 5,000 Avalon A15 mining machines in the first quarter of 2025. Its subsidiary Beet Digital LLC has signed a joint mining agreement with Luna Squares Texas LLC (LS Texas), aiming to expand Canaan’s mining capacity to 10 EH/s by mid-2025.

The staking protocol StakeStone announced the completion of a $22 million financing round, led by Polychain Capital. This round also includes strategic investments from Binance Labs and OKX Ventures, with the seed round led by SevenX and participation from Nomad Capital, HashKey Capital, HashKey Cloud, Amber Group, Coinsummer, Bankless Ventures, DAO5, Symbolic Capital, Arcane Group, and Quantstamp. StakeStone is committed to building a staking network for ETH/BTC.

The payment company Partior completed a $80 million Series B funding round, with Deutsche Bank joining as a new investor. This round was initially launched in July 2024, with investors including Peak XV Partners, JPMorgan, Jump Trading Group, Standard Chartered, Temasek, and Valor Capital Group.

The crypto wallet Deblock, created by former executives from Revolut and Ledger, has completed an additional £13.30 million (approximately $16.80 million) in seed funding, with Headline, Hoxton, 20VC, and Chalfen being the main investors in this round. Previous reports indicated that the startup raised €12 million last year.

The stablecoin company Noble has completed a $15 million Series A funding round, led by Paradigm. Noble's total fundraising has reached $18.30 million and has partnered with stablecoin issuers such as Circle, Ondo Finance, Hashnote Labs, and Monerium, with the platform currently managing assets exceeding $458 million.

The crypto anti-money laundering company Notabene has completed a $14.50 million Series B funding round, led by DRW Venture Capital, with participation from Apollo, Nextblock, ParaFi Capital, Wintermute, CMT Digital, F-Prime, Green Visor Capital, Illuminate Financial, Jump Capital, Signature Ventures, and Y Combinator. Notabene is a startup that helps cryptocurrency trading companies comply with anti-money laundering (AML) regulations.

The modular L1 network U2U Network has completed a $13.80 million funding round, with investments from KuCoin Ventures, Chain Capital, IDG Blockchain, Cointelegraph, V3V, JDI Ventures, Tesseract, IBG, Blockhive, Maxx Capital, UB Ventures, and others. The team focuses on DePIN solutions, with core members coming from early Ethereum contributors in the Top 100, as well as institutions like Google and Infina.