Celo Projects Raise $77.3 Million In Funding To Further Global Adoption Of Web3

Celo blockchain projects have generated a total of $77.3 million in support of diverse business efforts, demonstrating the rising popularity of the payments-focused developer network.

On October 27, Celo stated that projects impactMarket, Loam, Tatum, Circular Impact, Sanergy, Hyperlane, RedStone, and Jia had received financing to advance the adoption of their Web3 business models.

Tatum, a blockchain development platform and early Celo Foundation award recipient, raised the most money, securing $41.5 million. Variant led $18.5 million in early fundraising for Hyperlane, an interchain communication technology focusing on interoperability.

Regenerative financing (ReFi) projects such as impactMarket, Loam, and Sanergy raised $6 million. ReFi is a new crypto community paradigm that leverages blockchain and Web3 technologies to address environmental and social challenges.

RedStone received $7 million in decentralized financing (DeFi) investment, while Jia received $4.3 million.

Celo was formed in 2017 by Rene Reinsberg and Marek Olszewski, both former GoDaddy executives. The Celo platform enables digital asset payment infrastructure via mobile devices, with phone numbers serving as a proxy for private keys.

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