Bear market conditions have worsened since the FTX scandal but there are still headstrong investors plugging away with Web3 startups.
Real-time blockchain infrastructure startup Blocknative completed a $15 million Series A this week, led by Blockchain Capital, Foundry Group, and others. Blocknative positions itself within the MEV space, offering tools for Ethereum validators to maximize block rewards.
“With this new financing round, Blocknative is ideally positioned to vigorously pursue the block building opportunity and help drive equitable value recirculation throughout the entire web3 transaction supply chain,” Matt Cutler, CEO & co-founder of Blocknative, said in a statement.
Blocknative says it will use its latest investments to build out more products to help scale the Ethereum network.
Another Web3 infrastructure project, Nillion, closed a $20 million funding round led by Distributed Global, with participation from AU21, Big Brain Holdings and Chapter One, among others.
According to Nillion CEO Alex Page, more than 150 investors participated in the raise to decentralize data storage. While Nillion has positioned itself within the Web3 umbrella, the startup itself does not use a blockchain in its offerings. The firm has hinted at issuing a token in the future, per TechCrunch.
Founded by former Uber, Coinbase and Nike executives, Nillion will be using its latest funding to build out its engineering team.