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Highlights
- Layer 1 blockchain Berachain secured $100 million in its funding round.
- The company has rolled out plans to expand across continents.
- Venture Capital funding increased in the market in Q1 2024.
Layer 1 blockchain, Berachain has raised $100 million in its recent funding round, 45% more than earlier reported. In an April 12 statement, the company announced the latest development which saw participants from venture capitalists firms.
According to the release, Berachain’s Series B funding round was led by Brevan Howard Digital and Framework Ventures. It also included Hack VC, Polychain Capital, and Tribe Capital as venture capital funds flowed into the market amid the bullish sentiment. This comes after an initial $69 million was reported for the funding round.
Berachain Seeks Wider Expansion
Berachain looks to expand its operations targeting users in various continents. The recent inflow will be used to push its presence in Asian markets particularly Hong Kong and Singapore including other hubs in Southeast Asia. Berachain also included Latin American and African countries.
The platform which deployed pseudonymous bear-themed nicknames is compatible with the Ethereum blockchain and lauded as a community-driven project, Bloomberg reported. The firm plans to leverage this structure or onboard new users globally.
At the moment, the platform has posted over 100 million transactions on the test version of its blockchain.
Snokey The Bera, Berachain’s co-founder noted the growth of the network and the value from real users adding to the platform’s ecosystem.
“We see this raise as a major validation of our approach to building a blockchain that’s built on feedback from real users and developers, and driving value to those groups who are actually contributing to the network’s growth.”
Crypto VC Funding Surges
The digital asset market recorded rising inflows from Q4 2023 as institutional investors increased their exposure to the market. As funds trickle in, asset prices rise making the market more attractive for VC players.
Berachain’s funding follows a series of investments recorded in the market this year. According to data from PitchBook, VC funding tapped $2.5 billion in Q1 2024. This marks a 32% increase from last quarter. Crypto enthusiasts relish the activities of investors in the space after a recovery from the 2022 bear season.
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