Berachain Raises $100M In Funding, Surpassing Earlier Expectations

Blockchain platform Berachain has successfully raised $100 million in funding, marking a 45% increase from previous reports.

What Happened: The Series B funding round was co-led by Brevan Howard Digital's Abu Dhabi branch and Framework Ventures. Other notable participants included Polychain Capital, Hack VC and Tribe Capital. The investors backed Berachain through a “SAFT” or a simple agreement for future tokens, Bloomberg reported.

Last month, Bloomberg reported that Berachain was aiming to raise over $69 million at a valuation of at least $1 billion. However, the firm has declined to provide a revised valuation following the successful funding round.

The Ethereum-compatible platform has released a test version and has already processed 100 million transactions.

See Also: EXCLUSIVE: The Top Crypto VC Funding Trends In 2024

Why It Matters: The crypto venture capital landscape has been undergoing a significant shift, with certain sectors attracting the most funding. Pitchbook data, as quoted by Bloomberg, marks a 32% quarter-over-quarter growth to $2.5 billion in VC investment in crypto startups.  

The successful funding round of Berachain, along with the increased funding in the sector, underscores the growing investor confidence in blockchain technology. The funding will be used to expand its presence in Hong Kong, Singapore, Southeast Asia, Latin America and Africa.

Berachain’s pseudonymous co-founder Smokey The Bera stated, "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 contributing to the network's growth."

What's Next: The influence of altcoins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Monad Labs Raises $225M In Funding Led By Crypto VC Paradigm

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