August 07, 2024
Andrena, the creator of a decentralized physical infrastructure network (DePIN) protocol on the Solana blockchain, has secured $18 million in funding. This round was led by Dragonfly and included investments from CMT Digital, Castle Island Ventures, Wintermute Ventures, 6th Man Ventures, and ParaFi.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Andrena | $18m | August 07, 2024 | Series A Round | $38M | Dragonfly | DePIN |
According to co-founder Neil Chatterjee, this Series A extension round was structured as a simple agreement for future equity (SAFE) with token warrants. Initially aiming for $5 million, the round was significantly oversubscribed, ultimately raising more to support their token generation event (TGE).
About Andrena
Andrena is a company that provides high-speed internet services, focusing on affordability and accessibility. They use advanced radio technology to create wireless networks by deploying antennas across urban areas. This approach allows them to offer internet services to both residential and commercial customers, including underserved communities. Andrena partners with real estate owners and property managers to provide internet solutions that enhance connectivity for smart-home technology. Their services are currently available in several states, including New York, New Jersey, Pennsylvania, Connecticut, and Florida, with plans to expand nationwide.
Website: https://andrena.com/
About Investor
Investor: Dragonfly
Dragonfly is a leading global crypto investment fund that supports various crypto projects. The company prides itself on being “global from day one” and has been investing and building in crypto space for over 10 years.
Founded in 2018, Dragonfly aims to provide access and influence to help crypto teams with global aspirations find innovation and adoption anywhere. The company likens itself to a dragonfly, a humble creature that emerges first in the spring and has one of the highest hunt success rates in the animal kingdom.
Location: San Francisco, CA
Website/s: https://www.dragonfly.xyz/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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