Weekly Funding Roundup | 10 Projects Secured Funding, Total Disclosed Amount Approximately $213 Million (7.14-7.20)

Odaily星球日报 2025年07月21日 07:12

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According to incomplete statistics from Odaily Planet Daily, from July 14 to July 20, 2025, a total of 10 financing events were disclosed in the global blockchain field, an increase of 25% compared to the previous week (8 events); however, the total financing amount was $213 million, a decrease from the previous week's $280 million.

The most notable financing this week was the content subscription platform Substack completing a new round of financing of $100 million, with its latest valuation reaching $1.1 billion. However, Substack has a weak direct connection with the crypto industry. The highlight more related to the blockchain ecosystem comes from the tokenized money market fund platform Spiko, which announced the completion of a $22 million Series A financing, becoming one of the key financing events in the Web3 field this week.

The investment and financing of crypto-native projects still show no significant improvement overall, with industry funding activity still coming from listed companies financing the purchase of mainstream cryptocurrencies.

Below are the specific financing events (Note: 1. Sorted by the amount of disclosed financing; 2. Excluding fund raising and M&A events; 3. * refers to 'traditional' companies with some business involving blockchain):

Weekly Financing Update | 10 projects received investment, with a total disclosed financing amount of approximately $213 million (7.14-7.20)

Substack completes new $100 million financing, valuation reaches $1.1 billion

On July 18, the content subscription payment platform Substack recently completed a $100 million financing, with its latest valuation reaching $1.1 billion. This round of financing was led by BOND and Chernin Group, with participation from Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede, among others.

Tokenized money market fund platform Spiko completes $22 million Series A financing, led by Index Ventures

On July 17, the tokenized money market fund platform Spiko announced the completion of a $22 million Series A financing, led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Bpifrance, and Blockwall. In addition, notable angel investors include Revolut co-founder Nikolay Storonsky, Kyriba founder Jean-Luc Robert, Bridge co-founder Zach Abrams, Wise CTO Harsh Sinha, Blackstone co-CIO Lionel Assant, and the founding team of Pennylane.

Digital asset management company Two Prime completes $20 million equity financing, led by MARA

On July 15, digital asset management company Two Prime completed a $20 million equity financing, led by Bitcoin mining company Marathon Digital (MARA), with participation from Susquehanna Crypto. At the same time, MARA announced that it would increase its Bitcoin position managed by Two Prime from 500 to 2000, worth approximately $234 million at current market prices. MARA's CFO stated that this increase aims to turn Bitcoin from a passively held asset into an active income-generating tool.

Decentralized messaging protocol XMTP completes $20 million Series B financing, led by a16z crypto and others

On July 17, the decentralized messaging protocol XMTP development company Ephemera completed a $20 million Series B financing, jointly led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures, and Distributed Global. After this round of financing, Ephemera's equity valuation is $300 million, while the broader network valuation of the XMTP protocol, which includes the issuance of tokens, is $750 million.

Blockskye completes $15.8 million Series C financing, led by Blockchange

On July 18, Blockskye, which builds blockchain infrastructure for business travel, completed a $15.8 million Series C financing, led by Blockchange, with participation from United Airlines Ventures, Lightspeed Faction, KSV Global, Lasagna, Litquidity Ventures, Longbrook Ventures, and TFJ Capital. This round of financing was conducted as a priced equity transaction with attached token warrants. Blockskye is also preparing to launch a new payment product.

Stablecoin-driven financial institution Dakota completes $12.5 million Series A financing, led by CoinFund

On July 15, the stablecoin-driven financial institution Dakota, co-founded by former Coinbase executives, announced the completion of a $12.5 million Series A financing, led by CoinFund, with participation from 6th Man Ventures, Digital Currency Group, and Triton Ventures. Dakota uses stablecoins to transfer funds between itself and its customers. This investment is also the latest bet by venture capital firms on the hot stablecoin sector in the cryptocurrency space.

Function completes $10 million seed round financing, led by Galaxy Digital

On July 15, crypto infrastructure company Function announced the completion of a $10 million seed round financing, led by Galaxy Digital, with participation from Antalpha and Mantle. Function (formerly known as Ignition) is committed to introducing institutional-grade yield to Bitcoin. Its flagship product, FBTC, is a fully reserved, composable representation of Bitcoin, with a total value locked (TVL) currently reaching $1.5 billion.

Web3 intelligence layer W 3.io completes $7 million seed round financing, led by Blockchange Ventures

On July 18, the Web3 intelligence layer W 3.io announced the completion of a $7 million seed round financing, led by Blockchange Ventures, with participation from Framework Ventures, Arrington Capital, and other institutions.