Azuro, a decentralized autonomous organization (DAO) specializing in blockchain-based predictions, has secured $11 million in funding, led by SevenX Ventures and Arrington Capital. Other notable participants in the funding round include Fenbushi Capital, Polymorphic Capital, Red Beard Ventures, Dewhales, and G1 Ventures.
The funds will fuel the acceleration of ecosystem development during this pivotal expansion phase and bolster marketing initiatives within the decentralized prediction market sector. Azuro plans to utilize the funding to prepare for the imminent launch of its native token, “AZUR,” although specific timelines have not been disclosed.
Rossen Yordanov, core contributor at Azuro, expressed optimism about the funding, stating, “This round of funding arrives just as we’re about to hit some major milestones in our journey, including the much-anticipated launch of our $AZUR token, which is at the heart of what we’re building.”
Azuro previously secured $7.5 million in funding in 2022 from a cohort of 25 investors in Seed and Strategic rounds. Contributions in the 2022 round came from AllianceDAO, Ethereal Ventures, Delphi Digital, Gnosis, and Merit Circle.
In anticipation of its token launch, Azuro announced significant progress, advancing to the third and final stage of the Azuro Score. The company has witnessed substantial momentum across its expanding ecosystem, with transaction volumes exceeding $225 million since the start of Stage 2 in September 2023. Revenues have surpassed $2.4 million, and over 20 decentralized applications (dapps) are already operational, utilizing Azuro’s infrastructure. Additionally, more than 4,400 liquidity providers actively participate in the platform’s pools.
VC Funding Surges in 2024
The surge in venture capital funding within the Web3, gaming, AI, and crypto sectors has marked a significant trend reversal in the first quarter of 2024. Data compiled by crypto analysis platform Crypto Koryo, as reported by Ruholamin Haqshanas from Cryptonews, indicates a 38% increase in funds invested and a 49% rise in the number of projects securing funding compared to Q4 2023. This resurgence reflects renewed investor confidence in the crypto industry.
Source: https://cryptocurrencynews.com/azuro-raises-11m-for-azur-token-launch/
