(Bloomberg) -- Berachain, the blockchain platform started by pseudonymous founders who use bear-themed nicknames, secured $100 million in funding, or about 45% higher than previously reported.  

Brevan Howard Digital’s Abu Dhabi branch and Framework Ventures co-led the Series B funding round, which also included Polychain Capital, Hack VC and Tribe Capital, among other participants, according to a statement Friday. Investors backed Berachain through a “SAFT” or a simple agreement for future tokens. Last month, Bloomberg said that Berachain was raising more than $69 million at a valuation of at least $1 billion. The firm declined to provide a revised valuation. 

“We see this raise as a major validation of our approach to building a blockchain that’s built on feedback from real users and developers, and driving value to those groups who are actually contributing to the network’s growth,” Berachain co-founder Smokey The Bera said in the funding announcement.

The company plans to use the fresh capital to expand its presence in Hong Kong, Singapore, Southeast Asia, Latin America and Africa. The firm currently has a test version of its blockchain available that has processed 100 million transactions, according to the funding announcement. The platform is designed to be compatible with applications based on the Ethereum blockchain and is being touted as a more community-driven blockchain.

Venture capital funding for blockchain startups is on the rise as the market continues to rebound amid surging cryptocurrency prices. VC investment in crypto startups hit $2.5 billion during the first quarter of 2024, a 32% increase from the last quarter and roughly even with the same period last year, according to data from research firm PitchBook. 

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