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- Berachain
Berachain Valuation, Funding & Investors
Berachain is valued at $1.5B as of April 2024.
Last Berachain valuation
$1.5B
Series B · Apr 2024
Last Berachain funding round
$100M
Series B · Apr 2024
Cumulative funding Berachain raised
$142M
across 2 funding rounds
Key investors in Berachain
Polychain
Tribe Capital
Hack VC
Framework Ventures
Shima Capital
Robot Ventures
About Berachain
Berachain is an Ethereum-compatible Layer 1 blockchain optimized for DeFi applications. Its Proof-of-Liquidity consensus mechanism allows staked ETH and other assets to generate yield while securing the network and participating in liquidity pools. Built with Cosmos SDK, Berachain supports EVM smart contracts and features native tokens BERA, BGT, and HONEY for governance and incentives. Launched mainnet in 2024, it attracts developers with high throughput and sequencer-level revenue sharing for validators.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Usage-based
Valuation
$1.5B (Apr 2024)
Berachain Valuation
Berachain is currently valued at $1.5B, based on its Series B in April 2024.
The $100M round was led by BH Digital and Framework Ventures.
Berachain's valuation has grown 3.6x from $420M at its Series A in April 2023 to $1.5B in April 2024, across 2 priced rounds.
Berachain valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Apr 2024 | Series B | $1.5B |
| Apr 2023 | Series A | $420M |
Berachain Funding History
Berachain has raised a total of $142M across 2 funding rounds.
Berachain's first fundraising round was a $42M Series A in April 2023. The most recent completed round was a $100M Series B in April 2024.
Berachain funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Series B | BH Digital (lead); Framework Ventures (lead) | $100M | $1.5B | Berachain is a Layer 1 blockchain platform originally starting as an NFT project, evolving into a prominent public blockchain in the DeFi space with its native token BERA. It has raised a total of $211 million across multiple rounds, including a Series B round on April 12, 2024, where it secured $100 million at a $1.5 billion valuation led by Framework Ventures and Brevan Howard's Nova Digital (also referred to as BH Digital). Investors include Polychain Capital, Hack VC, and others. The Series B round featured controversial terms, including an exclusive $25 million refund right granted to Brevan Howard's Nova Digital within one year of BERA token launch, not extended to other investors. Framework Ventures, a lead investor, holds 21,145,476 BERA tokens acquired at an average price of $3.42 for about $72.4 million, now facing over $50 million in paper losses amid a 90% BERA price drop. Berachain's token launched with agreements requiring liquidity provision post-launch. Post-launch traction showed challenges: TVL peaked at $3.3 billion in May 2025 but fell to $270 million by November 25, 2025, dominated by Infrared Finance at 86.5%. The chain saw $1.8 billion in outflows over six months. |
| Apr 2023 | Series A | Polychain (lead); dao5; Zaki Manian; CitizenX; GoldenTree Asset Management; Shima Capital; Tribe Capital; DoubleX Fund; Hack VC; Robot Ventures; Mustafa Al-Bassam | $42M | $420M | Berachain is a DeFi-focused Layer 1 blockchain platform built on Cosmos SDK with EVM compatibility, featuring a novel Proof-of-Liquidity (PoL) consensus mechanism that enables users to stake assets while simultaneously using them for trading, borrowing, lending, or providing liquidity on-chain. The project was founded by pseudonymous crypto natives including Papa Bear, Smokey the Bera, Dev Bear, and Homme Bera, positioning it as a solution to align incentives between liquidity and network security at the chain level. On April 20, 2023, Berachain closed a $42 million Series A funding round led by Polychain Capital, with participation from dao5, Hack VC, Tribe Capital, CitizenX, Shima Capital, Robot Ventures, GoldenTree Asset Management, Mustafa Al-Bassam, Zaki Manian, and others including undisclosed centralized exchanges. The round was conducted at a post-money valuation of $420 million (or precisely $420.69 million per some trackers), finalized from commitments made in December 2022 via SAFT agreements for future tokens. At the time of the Series A, Berachain had already secured over $250 million in committed capital for deployment and planned to launch a public-incentivized testnet shortly after, with the Artio public testnet having gone live earlier in January 2023. This allowed users to interact with BERA tokens, issue HONEY stablecoins, provide loans, and supply liquidity in pools, alongside the BGT governance token. Polychain founder Olaf Carlson-Wee highlighted Berachain's innovation in creating a sticky, capital-efficient base for DeFi platforms by absorbing liquidity that would otherwise be mercenary. Post-Series A, Berachain continued raising capital, increasing a Series B round to $100 million by April 2024 co-led by Brevan Howard Digital and Framework Ventures (with $69 million closed in March 2024 at $1.5 billion post-money valuation), bringing total funding to around $142-211 million across rounds. The mainnet was anticipated for Q2 2024, with subsequent hires like former Polygon Labs DeFi head Jack Melnick in May 2024 to bolster development. |
Who has invested in Berachain?
13 investors have backed Berachain across its funding rounds, including Polychain, Tribe Capital, Hack VC, Framework Ventures, Shima Capital and Robot Ventures.
Lead investors include BH Digital, Framework Ventures and Polychain.
Berachain Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Lead | Apr 2024 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Participant | Apr 2023 | ||
| 1 | Lead | Apr 2023 | ||
| 1 | Lead | Apr 2024 | ||
| 1 | Participant | Apr 2023 | ||
This data is available for Pro users. Sign up to see all 13 Berachain investors. Start Free Trial | ||||
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Start Free TrialInvestments by Berachain
Berachain has invested in 2 companies to date.
Latest investment by Berachain was on March 5th 2023. Berachain invested in Morgan Crest in their $600K Series A round.
Latest Investments by Berachain
| Description | Morgan Crest is a London-based investment advisory firm partnering with founders, family offices, and emerging funds in Web3, artificial intelligence, and frontier technologies. The firm advises on financial structuring, tokenomics design, and market entry into Asia-Pacific exchanges for decentralized finance projects and AI startups. | - |
| HQ Country | ||
| HQ City | New York City, NY | - |
| Deal Date | 5 Mar 2023 | 26 Nov 2022 |
| Round | Series A | Series B |
| Raised | $600K | $65M |
| Investors | Victus Capital | LedgerPrime; Concave Ventures; WOO Network |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Berachain investments and their VC round multiples. Start Free Trial | ||
Berachain Competitors
Berachain competitors include listed companies like Securitize and Sharplink, and private ones like 5ire, Boba Network, CoinList and Gala Games.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Private | - | - | $1.5B | - | ||
| Publicly listed | $62M | ($34M) | $1.5B | 22.2x | ||
| Publicly listed | $28M | ($734M) | $1.8B | 39.9x |
Berachain Public Comps
Berachain is still privately-owned, but its public comps include Securitize, Sharplink, OSL Group, HashKey Holdings, BitGo Holdings, Indokripto Koin Semesta, Rhino Bitcoin, Stewards, Coincheck Group and Hyperliquid Strategies.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $16M | $7M | 36.9x | - | 81.1x | - | |||
| $478K | ($417K) | 1242.8x | - | (1423.4x) | - | |||
| - | - | - | - | - | - | |||
This data is available for Pro users. Sign up to see all Berachain competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Berachain
| When was Berachain founded? | Berachain was founded in 2021. |
| Where is Berachain headquartered? | Berachain is headquartered in Toronto, Canada. |
| Is Berachain publicly listed? | No, Berachain is a private, VC-backed company. |
| What is Berachain's valuation? | Berachain was last valued at $1.5B in its Series B in April 2024. |
| How much funding has Berachain raised? | Berachain has raised $142M across 2 funding rounds. |
| What was Berachain's last funding round? | Berachain's last funding round was a $100M Series B in April 2024, led by BH Digital and Framework Ventures. |
| Who are Berachain's investors? | Berachain's investors include dao5, Zaki Manian, CitizenX, BH Digital, GoldenTree Asset Management, Shima Capital, Tribe Capital, DoubleX Fund, Polychain, Framework Ventures and 3 others. |
| Which companies are comparable to Berachain? | Companies comparable to Berachain include 5ire, Boba Network, CoinList, Gala Games, Securitize and Sharplink. |
| How many companies has Berachain invested in? | Berachain has invested in 2 companies, including Morgan Crest and Wixpool. |
| What was Berachain's last investment? | In March 2023, Berachain invested in Morgan Crest's $600K Series A alongside Victus Capital. |
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