The period from June 2 to June 8 marked a significant surge of investment into the blockchain sector, with a total of 21 startups collectively raising an impressive $399.7 million from venture capital firms and angel investors.

Data compiled by Crypto Fundraising reveals a diverse array of funding rounds, with five startups amassing over $108 million from series A rounds, another seven securing a combined $52.6 million from undisclosed rounds, and three startups gathering $19 million from seed rounds. Additionally, one startup garnered $10 million in a private round, showcasing the robust investor interest in blockchain innovation.

Here’s a detailed breakdown of the standout funding rounds during this period:

Avail's $43 Million Series A Funding:

Avail, recognized for its cutting-edge data availability network, successfully closed a substantial $43 million series A round. This round was led by esteemed investors including the Founders Fund, Dragonfly, and Cyber Fund, with significant contributions from SevenX, Figment, Nomad Capital, LocalGlobe, Altos Ventures, and Chapter One. This funding follows Avail's earlier pre-seed and seed rounds in March 2023, totaling $32 million, subsequent to its spin-out from Polygon. Avail intends to allocate these funds towards the development of its unification layer and fusion security layer, aimed at advancing modular blockchain scaling and security.

M^0's $35 Million Series A Round:

Another notable achievement in the series A arena was M^0, a pioneering decentralized stablecoin minting protocol. Pronounced as "M Zero," the startup raised a commendable $35 million in a round led by Bain Capital Crypto, a subsidiary of renowned private equity firm Bain Capital. Noteworthy contributions also came from Galaxy Ventures, Wintermute Ventures, GSR, Caladan, and SCB 10X. This funding, structured as equity plus tokens, will fuel M^0's ongoing development efforts to bolster its stablecoin ecosystem. With this round, M^0's total funding stands at an impressive $57.5 million, following its $22.5 million seed round secured from Pantera Capital in April 2023.

The Sandbox's $20 Million Raise:

Metaverse and web3 gaming company The Sandbox secured a substantial $20 million investment from Kingsway Capital and Animoca Brands, elevating its valuation to an impressive $1 billion. The funding infusion will be channeled towards enhancing The Sandbox's creator economy, expanding its decentralized mobile metaverse platform, and improving social features, avatar skills, and 3D editing tools on the platform.

Tether Invests $18.75 Million in XREX Group:

Stablecoin issuer Tether made significant strides in the VC realm with an $18.75 million investment in XREX Group, a regulated blockchain financial institution. This strategic move aims to facilitate USDT-based cross-border payments in emerging markets and launch XAU1, a stablecoin pegged to Tether Gold (XAUt). Tether CEO Paolo Ardoino expressed enthusiasm about the partnership, highlighting its potential to enhance financial inclusion in emerging markets.

Glacier Labs and Mint Blockchain Secure a Combined $13 Million:

Glacier Labs, a layer-2 rollup network, and Mint Blockchain, an Ethereum L2 network catering to the NFT industry, collectively raised $13 million. Glacier Labs secured $8 million in seed funding from Foresight X, UOB Venture Management, Laser Digital, KuCoin Ventures, and others. Meanwhile, Mint Blockchain raised $5 million from Jsquare, SNZ Capital, Antalpha Ventures, and additional investors. These funds will be instrumental in advancing Glacier Network’s decentralized application infrastructure and expanding Mint’s network, which currently supports over 80 applications and boasts 400,000 active users.

Everclear Raises $5 Million from Pantera Capital:

San Francisco-based company Everclear, formerly known as Connext, raised $5 million through an over-the-counter (OTC) deal with Pantera Capital. The funds will be directed towards the development of Everclear's "clearing layer," aimed at addressing liquidity fragmentation for modular blockchains.

Stashh Labs and Halo Wallet Raise $6.3 Million Combined:

Rounding up the week's VC activities are Stashh Labs and Halo Wallet, which collectively secured $6.3 million in funding. Stashh Labs received over $3.3 million from investors including Animoca, 6th Man Ventures, Shima Capital, and Hashkey Capital to support the launch of Stashh 2.0. Halo Wallet, on the other hand, raised $3 million from Cyberport, HashKey Capital, IDG Capital, and KuCoin Ventures to accelerate its social monetization mission. Both companies are poised to enhance their platforms with new features and expanded support for multiple blockchain ecosystems.

The substantial funding secured by these blockchain startups underscores the continued momentum and investor confidence in the blockchain industry, fueling innovation and advancement across various segments of the decentralized landscape.