Canadian Web3.0 infrastructure firm ChainSafe has raised an oversubscribed fund of $18.75 million in a Series A round. The funding round was led by growth-stage venture capital firm Round13 Capital which focuses its investments on Canadian companies.
With its focus on multichain R&D and blockchain gaming, ChainSafe is looking to expand its blockchain gaming utility suite.
The ChainSafe fund comes at a time when demand for gaming services and blockchain infrastructure is on the rise. Also, the blockchain gaming ecosystem is a nascent industry that is expected to achieve multi-billion-dollar valuations. Generally, ChainSafe believes that the $18.75 million fund will accelerate the expansion and adoption of Web3.0 technology.
NGC Ventures, HashKey Capital, Sfermion, and Jsquare, were other investors who backed the round. In addition, Digital Finance Group, and Fenbushi Capital joined the funding round as existing investors of the blockchain infrastructure company.
Important to realize is that Khaled Verjee, Managing Partner of Round13’s Digital Asset Fund will join Chainsafe’s Board of Directors.
ChainSafe Fixed on Web3.0 Adoption
Verjee will sit with the likes of Ethereum (ETH) Co-founder and founder of ConsenSys Mesh Joseph Lubin, and other founding members. Lubin applauded ChainSafe’s long-standing history of contributing to the industry and the utilization of the latest fund to accelerate operations.
“We have been close to ChainSafe since the early days when decentralized protocols were defining themselves and coming into their own. No organization has done a better job of establishing beachheads in important ecosystems and consistently making fundamental contributions,” he continued
“The people of ChainSafe combine integrity and excellence as well as any company in our ecosystem, and no organization has earned trust more broadly among its peers. This Series A raise enables ChainSafe to continue on its rapid growth path of strategic and synergistic protocol and product development.”
The drive towards accelerating Web3.0 adoption is becoming quite significant. Only last month, European venture capital firm Northzone raised $1.02 billion to promote innovations in Web3.0. Noteworthy, this was the largest fund ever raised by the firm and in all of Europe to date.
Blockchain startup Nxyz also secured $40 million in a Series A round to ensure the adoption and success of Web3.0.