AzuroSevenX has successfully led a funding round worth $11 million for a blockchain-based decentralized autonomous organization (DAO) called Ventures. Other notable participants in this funding round include Arrington Capital, Fenbushi Capital, Polymorphic Capital, Red Beard Ventures, and DewhalesG1 Ventures.
The funds raised will be used to accelerate the development of the ecosystem and support marketing initiatives in the decentralized predictions market sector. Azuro plans to utilize the funds to prepare for the launch of its native token, “AZUR,” although the specific date is yet to be announced.
Rossen Yordanov, a core contributor at Azuro, expressed optimism about the funding, stating that it comes at a crucial time as the company reaches major milestones, including the launch of the AZUR token.
Prior to this, 25 investors from the cohort had invested $7.5 million in funding for 2022, with contributions from AllianceDAO, Ethereal Ventures, Delphi Digital, Gnosis, and Merit Circle.
The launch of the token is highly anticipated, with significant progress already made in advancing to the final stage of the Azuro Score. The company has seen a substantial increase in transaction volume, reaching $225 million since the beginning of this year. With over 20 operational decentralized applications and more than 4,400 active liquidity providers, Azuro’s infrastructure is thriving.
In 2024, there has been a surge in VC funding for the Web3, AI, gaming, and crypto sectors. According to data compiled by Crypto Analysis Platform Crypto Koryo, there has been a 38% increase in funding and a 49% increase in projects receiving funding compared to the fourth quarter of 2023. This resurgence reflects renewed investor confidence in the crypto market.
