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Berachain secures $100 million in expanded funding round

source-logo  cryptobriefing.com  + 1 more 12 April 2024 18:50, UTC

Layer-1 blockchain Berachain has successfully secured $100 million in a Series B funding round co-led by Brevan Howard Digital’s Abu Dhabi branch and Framework Ventures, as reported by Bloomberg. Polychain Capital, Hack VC, and Tribe Capital also participated in the funding round, which is a SAFT, a simple agreement for future tokens, and had an amount approximately 45% larger than initial reports predicted.

“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,” Berachain co-founder Smokey The Bera said in the funding announcement shared with Bloomberg.

The company has outlined plans to utilize the capital to broaden its reach in strategic regions including Hong Kong, Singapore, Southeast Asia, Latin America, and Africa. Berachain’s testnet has already processed over 100 million transactions. The platform aims to offer compatibility with Ethereum-based applications and positions itself as a more community-centric blockchain alternative.

The significant investment comes as crypto startups are once again in venture capital funds’ sights, with the total amount invested in this sector growing over 32% in the first quarter. Moreover, March had the largest monthly fundraising amount since October 2022, marked by over $1 billion directed to crypto startups.


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