Decentralized finance (DeFi) -focused Layer 1 blockchain platform ​​Berachain, announced it has secured $100 million in a funding round led by Brevan Howard Digital and Framework Ventures.

In an announcement made using the social media platform X, the firm said additional funding came from Polychain Capital, Samsung Next, Hack VC, Animoca Brands, and Hashkey Capital, as well as Polygon co-founder Sandeep Nailwal and more.

We’re thrilled to announce our $100M Series B round, co-led by @BHDigitalAssets and @hiFramework pic.twitter.com/yyDKmpBN7u

— Berachain (@berachain) April 12, 2024

What is Berachain?

Berachain was founded by anonymous developers Smokey the Bear, Homme Bera, and Dev Bear. 

According to its website, Berachain describes itself as a high-performance EVM-compatible blockchain built on Proof-of-Liquidity consensus. Proof-of-Liquidity is a novel consensus mechanism that aims to align network incentives, creating a strong synergy between Berachain validators and the ecosystem of projects.

In 2023, Berachain succeeded in raising a total of $42 million in its recently completed Series A funding round at a valuation of $420.69 million. The funding round was led by Polychain Capital, and the funding round enabled Berachain to source capital from several investors.

These included Hack VC, CitizenX, Dao5, Tribe Capital, Robot Ventures, and Shima Capital, as well as “multiple centralized exchange venture funds,” the blockchain the firm announced in a tweet.

Crypto Recovery Triggers Increased VC Funding

Venture capital funding in the Web3, gaming, AI and crypto space has experienced a surge in the first quarter of 2024, breaking a two-year downtrend.

Both the total amount invested and the number of projects receiving VC funding have seen substantial increases since Q4 2023, according to data gathered by crypto analysis platform Crypto Koryo, as reported by Ruholamin Haqshanas from Cryptonews. 

Data shows there has been a notable 38% rise in funds invested during the quarter, indicating a renewed investor confidence in the crypto industry.  Moreover, there has been a remarkable 49% increase in the number of projects securing funding, a level not witnessed since Q4 2021. 

Earlier this month, the Silicon Valley-based venture capital firm Andreessen Horowitz (a16z) founded by Marc Andreessen and Ben Horowitz announced its investing $30 million in gaming startups.

Andrew Chen a general partner for a16z Games took to the social media platform X to share the funding announcement. Chen said the firm will invest the $30 million through its a16z Speedrun program and $750 will be allocated per startup. The deadline for applying for the funding is May 19 with those shortlisted will be notified at the end of July.  

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