Azuro, a decentralized autonomous organization (DAO) focused on developing a protocol for blockchain-based predictions, has successfully raised $11 million in funding, with significant investments from SevenX Ventures and Arrington Capital.
The funding round also saw participation from Fenbushi Capital, Polymorphic Capital, Red Beard Ventures, Dewhales, and G1 Ventures, among others. This influx of capital will be utilized to expedite ecosystem development and bolster marketing initiatives within the decentralized prediction market sector.
Preceding the launch of its native token, “AZUR,” Azuro’s core contributor, Rossen Yordanov, expressed optimism about reaching pivotal milestones. He emphasized the imminent token launch as a crucial step forward in Azuro’s vision of enhancing accessibility and transparency within prediction markets.
This funding round follows a previous injection of $7.5 million secured by Azuro in 2022 from a diverse group of investors. Notable contributors in the 2022 round included AllianceDAO, Ethereal Ventures, Delphi Digital, Gnosis, and Merit Circle.
Azuro also announced advancements in its Azuro Score evaluation process, marking progress to the final stage. This milestone coincides with significant growth across Azuro’s ecosystem, with transaction volumes surpassing $225 million and revenues exceeding $2.4 million since the inception of Stage 2 in September 2023.
The broader context of increased venture capital (VC) funding within the crypto space in 2024 underscores a resurgence in investor confidence. Data indicates a substantial rise in both the total amount invested and the number of projects securing funding, reflecting renewed enthusiasm for innovative ventures within the cryptocurrency and blockchain sphere.