Crypto Fundraises for the week of May 16th

Welcome to the Coinfeeds fundraising report email!

We are separating out companies that have recently raised funds from our weekly scouting email, to bring you a report of the fundraises announced over the last week.

Keeping track of fundraising activity can help identify trends, such as a shift in investor interest towards certain sectors or a slowdown in funding due to market conditions. 

In the week of May 16th, we found 11 rounds totaling $43.9 million, excluding those with undisclosed amounts.

Here’s a breakdown of amount raised by sector:

DeFi

Polynomial, a DeFi derivatives exchange powered by Ethereum and Synthetix on Optimism that enables traders to leverage up to 50x on their pairs via an innovative UI and highly competitive trading fees, announced on May 5th a Seed round of undisclosed amount from Road Capital, Caballeros Capital, Archetype, Kain Warwick, Jordan Momtazi, Scott Sunarto, Eden Au, and Michael Spain.

Dolomite, an Arbitrum-based margin trading protocol and money market, as well as a mobile app that has unlocked new ways of lending and borrowing on-chain based on a capital-efficient architecture designed to reduce the steps and allocation options for traders. Dolomite raised a Seed round of $2.5 million on May 12th that was led by Draper Goren Holm and NGC Ventures, and followed by 6th Ventures, WWVentures, and Coinbase Ventures.