API3 a DeFi data firm secures 4 million in funding round led by DWF Labs

DeFi Data Company API3 Secures $4M in Funding Round Led by DWF Labs
API3, a cutting-edge service that offers DeFi data feeds to blockchain-based smart contracts without the need for a third party, has successfully raised $4 million in a funding round spearheaded by DWF Labs.
DWF Labs, a market maker and multi-stage Web3 investment firm, took the lead in the funding round by contributing $2 million. Additional funding came from Spartan Group with a $1 million contribution, as well as Laser Digital and Caladan, formerly known as AlphaLab, each contributing $500,000.
The funds raised will provide API3 with the necessary liquidity to support its ongoing growth strategy, focusing on marketing efforts and business development initiatives.
TSV Surges From $20M to Over $1B
API3 announced an impressive 4900% increase in its total secured value (TSV) from $20 million to over $1 billion. The data feed company highlighted its integration with new chains such as the Optimism Superchain ecosystem, X-Layer, and Worldcoin.
“Andrei Grachev, managing partner of DWF Labs, praised API3’s significant impact on how decentralized applications utilize oracles, noting the substantial growth in their total value secured. Grachev expressed excitement about the future collaboration to enhance access to verifiable real-world data on-chain.
Operating under a decentralized autonomous organization (DAO) structure, API3 utilizes smart contracts for governance and decision-making, ensuring transparency and security on the blockchain.
Fundraising Hits $2.4B in Q1 2024
The cryptocurrency market has witnessed a remarkable surge in fundraising, with total investments reaching $2.4 billion in the first quarter of 2024. PitchBook, a renowned data provider for private and public market investors, reported a significant increase in investment activity within the cryptocurrency sector during this period, driven by the bullish market trends.
A total of 518 deals amounting to $2.3 billion were closed in Q1, marking a 40.3% increase in investments compared to the previous quarter. This surge highlights the growing interest and confidence in the cryptocurrency market among investors.
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