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

Berachain Overview

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

CanadaToronto

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

Berachain valuation by funding round
DateStageValuation
Apr 2024Series B$1.5B
Apr 2023Series 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

Berachain funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2024Series BBH Digital (lead); Framework Ventures (lead)$100M$1.5BBerachain 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 2023Series APolychain (lead); dao5; Zaki Manian; CitizenX; GoldenTree Asset Management; Shima Capital; Tribe Capital; DoubleX Fund; Hack VC; Robot Ventures; Mustafa Al-Bassam$42M$420MBerachain 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

Investors in Berachain by funding rounds participated
InvestorHQRoundsRoleFirst check
dao5United StatesVirgin, UT1ParticipantApr 2023
Zaki ManianUnited StatesSan Francisco, CA1ParticipantApr 2023
CitizenXUnited StatesUnited States1ParticipantApr 2023
BH DigitalUnited KingdomLondon1LeadApr 2024
GoldenTree Asset ManagementUnited StatesNew York City, NY1ParticipantApr 2023
Shima CapitalUnited StatesUnited States1ParticipantApr 2023
Tribe CapitalUnited StatesSan Francisco, CA1ParticipantApr 2023
DoubleX FundGermanyBerlin1ParticipantApr 2023
PolychainUnited StatesSan Francisco, CA1LeadApr 2023
Framework VenturesUnited StatesSan Francisco, CA1LeadApr 2024
Hack VCUnited StatesSan Francisco, CA1ParticipantApr 2023

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Investments 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

Morgan Crest
Wixpool
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 CountryUnited StatesUnited Kingdom
HQ City
New York City, NY
-
Deal Date5 Mar 202326 Nov 2022
RoundSeries ASeries B
Raised$600K$65M
InvestorsVictus CapitalLedgerPrime; Concave Ventures; WOO Network
Valuationundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Berachain Competitors

Berachain competitors include listed companies like Securitize and Sharplink, and private ones like 5ire, Boba Network, CoinList and Gala Games.

Public and private companies comparable to Berachain
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
5ireIndiaIndiaPrivate--$1.5B-
Boba NetworkUnited StatesSan Francisco, CAPrivate--$1.5B-
CoinListUnited StatesSan Francisco, CAPrivate--$1.5B-
Gala GamesUnited StatesSalt Lake City, UTPrivate--$1.5B-
SecuritizeUnited StatesUnited StatesPublicly listed$62M($34M)$1.5B22.2x
SharplinkUnited StatesUnited StatesPublicly listed$28M($734M)$1.8B39.9x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Securitize$62M($34M)25.5x22.2x(46.0x)(37910.8x)
Sharplink$28M($734M)61.9x39.9x(2.4x)141.1x
OSL Group$62M($48M)16.6x11.3x(21.7x)(23.2x)
HashKey Holdings$92M($109M)6.4x-(5.4x)-
BitGo Holdings$16B($9M)0.1x5.5x(125.1x)125.4x
Indokripto Koin Semesta$16M$7M36.9x-81.1x-
Rhino Bitcoin$478K($417K)1242.8x-(1423.4x)-
Stewards------

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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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