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Berachain Raises $100 Million in Series B Funding Round

2024/04/13 01:31

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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, according to Bloomberg. Polychain Capital, Hack VC, and Tribe Capital also participated in the funding round, which utilized a SAFT (Simple Agreement for Future Tokens) and exceeded initial predictions by approximately 45%.

Berachain's co-founder, Smokey The Bera, expressed the significance of the raise, seeing it as validation for their approach of building a blockchain based on feedback from real users and developers. The company aims to channel the funding towards expanding its presence in strategic regions such as Hong Kong, Singapore, Southeast Asia, Latin America, and Africa.

Having processed over 100 million transactions on its testnet, Berachain positions itself as a more community-centric blockchain alternative, offering compatibility with Ethereum-based applications.

The substantial investment in Berachain comes amidst renewed interest from venture capital funds in crypto startups. The first quarter saw a 32% increase in total investments in this sector, with March witnessing the largest monthly fundraising amount since October 2022, exceeding $1 billion directed towards crypto startups.

Berachain's successful Series B funding round, co-led by Brevan Howard Digital’s Abu Dhabi branch and Framework Ventures, highlights growing investor interest in crypto startups. The company plans to utilize the $100 million to expand its reach and further develop its blockchain platform, aiming to offer compatibility with Ethereum-based applications while emphasizing community involvement.

Blockchain

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