November has been a turbulent month in the cryptocurrency space. There have, however, been some notable fundraising deals as the industry continues to build during crypto winter.
Most significantly, TRM Labs, a blockchain intelligence company, revealed that it had received $70 million in additional funding from software investment company Thoma Bravo — bringing its total Series B funding to $130 million.
Goldman Sachs, PayPal Ventures, Amex Ventures and Citi Ventures also participated in the round. Its earlier $60 million raise, in December 2021, was led by Tiger Global.
The latest fundraise will allow TRM to continue product development and deliver tools designed to combat illicit finance and fraud in the cryptocurrency space.
“Demand has never been stronger for solutions that help protect crypto users, impede illicit actors, and support blockchain-based innovation,” said Esteban Castaño, co-founder and CEO of TRM. “As the industry continues to mature, TRM is setting the standard for data, products, and training that equip enterprises and governments to combat fraud and financial crime, even as new threats emerge.”
On Ramp in an off market
Ramp, a fintech startup connecting crypto payments to the wider financial system, secured $70 million from its latest Series B.
The raise was co-led by Mubadala Capital and Korelya Capital, and it brings the total amount raised by Ramp to $122.7 million over the past year.
The UK based-based startup is well-known in the crypto gaming space, and is integrated with major payment platforms including Apple Pay and Google Pay.
“Despite current market conditions, we see a growing trend of web2 companies looking to move into web3, and we’re uniquely positioned to help them through this transformation. That’s why we’re doubling down on growth. A bear market is a builder’s market, and we’re fully committed to our vision,” said Szymon Sypniewicz, co-founder and CEO at Ramp.
Heads up: Notifi raises $10M
Web3 communications infrastructure platform, Notifi received $10 million in a funding round co-led by Hashed and Race Capital.
It will be using the funding to expand cross-chain messaging to different blockchains including Polygon, Avalanche and Aptos.
“As Web3 goes mainstream, the next wave of users will want a simple text or email alert when something important happens,” said CEO Paul Kim.
PlayEmber, Fordefi, Ping
These were just some of the companies that have received funding since FTX’s collapse shook up the crypto market. Some other notable investments include:
- PlayEmber, a Web3 monetization platform for mobile games received $2.3 million in pre-seed from Shima Capital.
- Fordefi, a company working on institutional-grade security and smart contract transparency, secured an $18 million seed round led by lightspeed Venture Partners.
- Miami based Ping, a payment platform for contractors, nabbed $15 million in a seed funding round including Y-Combinator, Race Capital and BlockTower.