From 2022 to 2025, projects built on TON or running as Telegram mini apps publicly announced raising $93.3 million. The count covers 28 rounds with a disclosed amount, and more than two thirds of the money — $66 million — came in 2025. This is a lower bound: another 26 deals from the same years were announced without an amount, and some were never announced at all.
How much and in which years
The total of announced rounds grew every year: $2.1 million in 2022, $3.02 million in 2023, $22.18 million in 2024 and $66 million in 2025. From 2023 to 2024 it grew 7×, and from 2024 to 2025 another 3×. The 2024 jump coincides with the wave of mini apps that followed Notcoin in the spring of that year.
| Year | Amount | Rounds |
|---|---|---|
| 2022 | $2.1 million | 2 |
| 2023 | $3.02 million | 7 |
| 2024 | $22.18 million | 8 |
| 2025 | $66 million | 11 |
| Total | $93.3 million | 28 |
Nearly a third of the entire sum is one round: The Open Platform's Series A of $28.5 million in July 2025 at a $1 billion valuation. The sample contains no rounds with a disclosed amount for 2026.
What counted as an investment
A round counted as an investment when three conditions held. The product is built on TON or works inside Telegram. The money came through a venture round, a strategic investment or a token sale via a launchpad — an IDO, a presale or a fair launch. The round was announced by the project itself or its lead investor, or reported by a specialised crypto media outlet. Data aggregators such as RootData, CryptoRank, DropsTab and DefiLlama served only to find candidates: their data was not treated as confirmation.
Amounts in TON were converted to dollars at the TON rate on the date of the round, not at today's rate. Where the project itself named an amount in dollars, that figure was used.
Left out of the count:
- memecoins — TON Cats, Not Meme, ANON and the like;
- sales whose proceeds went straight into liquidity, such as the 2022 DeDust and Scaleton ICO for 10,116 TON;
- NFT sales and auctions, including stickers and gifts;
- multichain products for which TON is one network among many: WizzWoods, PlaysOut, OpenPad;
- rounds companies raised before coming to TON, for example Sleepagotchi's 2023 seed;
- studio money rather than product money: of the $15 million Mighty Bear Games raised in total, only the $4 million announced for GOAT Gaming is counted;
- applications instead of money raised: the Storm Trade presale drew applications for more than $1 million with 20× oversubscription, yet only about $50,000 worth was sold;
- grants known only from secondhand accounts, and contest prizes;
- Capybobo's $8 million round — by editorial decision.
Data aggregators also cite other amounts, for example $4 million for Catizen and $2 million for Hivera. Neither the projects themselves nor a specialised outlet confirm them, so they did not enter the count.
How cheque sizes changed
Until 2024, cheques were small — from $100,000 to $2 million, often raised through IDOs on the Tonstarter and TonUP launchpads. The first IDO on the TON network was run by Fanzee on 10 October 2022: $100,000 was raised in four hours, and out of 7,800 applications, 438 people got an allocation.
In 2025, most of the total came from a few large rounds. The Open Platform raised $28.5 million led by Ribbit Capital and Pantera, STON.fi raised $9.5 million led by Ribbit Capital and CoinFund, and TAC raised $6.5 million in a 2024 seed plus another $5 million in a 2025 strategic round, both times led by Hack VC.
The ecosystem's own funds stand behind almost all early deals, and especially often behind rounds without an amount: TONcoin.Fund, TON Ventures, TVM Ventures and The Open Platform. Most confirmations are the projects' own posts in Telegram, while press releases in the media exist mainly for the large rounds of 2024–2025.
All rounds with an amount
| Date | Project | Round | Amount | Lead investors | Source |
|---|---|---|---|---|---|
| 26.07.2022 | Fanzee | Pre-Seed | $2 million | TONcoin.Fund, FS Labs | project post |
| 12.10.2022 | Fanzee | IDO on Tonstarter | $100,000 | — | Tonstarter |
| 08.03.2023 | Tonstarter | Seed | $1.5 million | Kingsway, Gate.io Ventures, DWF Labs, Hexit | project post |
| 25.04.2023 | Fanton | Pre-Seed | $300,000 | First Stage Labs | Tonstarter |
| 31.08.2023 | Tap Fantasy | IDO on TonUP | 80,000 TON ≈ $140,000 | — | TonUP |
| 22.09.2023 | EVAA Protocol | angel round on Tonstarter | more than $100,000 | — | Tonstarter |
| 31.10.2023 | Fanton | $FNTF token sale | $200,000 | Cointelegraph Accelerator | Tonstarter |
| 12.12.2023 | TON Raffles | RAFF fair launch | 197,494 TON ≈ $420,000 | — | project post |
| 21.12.2023 | Wormfare Slap | Seed | $358,800 | — | project post |
| 08.03.2024 | swap.coffee | strategic | $500,000 | DeFinder Capital Fund | fund post |
| 08.04.2024 | swap.coffee | presale | 200,000 TON = $1.18 million | — | project post |
| 26.07.2024 | LayerPixel | Seed | $2 million | Kenetic Capital | project post |
| 13.08.2024 | TONX | Pre-Seed and Seed | $4 million | SNZ Holding, Summer Ventures | project post |
| 22.08.2024 | Fanton | Seed | $1 million | Animoca, Delphi Digital, HashKey x TON | Tonstarter |
| 14.10.2024 | Flappy Bird | Seed | $2 million | Kenetic, Scytale Digital | Chainwire |
| 11.2024 | TAC | Seed | $6.5 million | Hack VC, Symbolic Capital | The Block |
| 20.12.2024 | DuckChain | round | $5 million | dao5, Offchain Labs, Kenetic, DWF Ventures | project post |
| 01.2025 | EVAA Protocol | private token sale | $2.5 million | CMT Digital, TON Ventures, Animoca | The Block |
| 02.2025 | Blum | two rounds | $5 million | gumi Cryptos Capital | Wamda |
| 04.02.2025 | GOAT Gaming | strategic | $4 million | TON Ventures, Karatage, Amber, BitScale | GamingonPhone |
| 04.03.2025 | Memes Lab | Seed | $2.3 million | Lemniscap, TVM Ventures, Animoca, OKX Ventures | project post |
| 04.03.2025 | Affluent | round | $1.8 million | TVM Ventures | project post |
| 29.05.2025 | Tradoor | strategic | $1.9 million | — | project post |
| 19.06.2025 | TAC | strategic | $5 million | Hack VC | TOP post |
| 03.07.2025 | The Open Platform | Series A | $28.5 million | Ribbit Capital, Pantera | Fortune |
| 30.07.2025 | STON.fi | Series A | $9.5 million | Ribbit Capital, CoinFund | TOP post |
| 24.09.2025 | Memes Lab | Community Round on Legion | $1.5 million | — | project post |
| 21.11.2025 | Nexton | strategic | $4 million | Danal | project post |
Rounds without an amount
These deals were announced, but no amount was named in them, so they are not part of the $93.3 million.
2023:
- Storm Trade — TONcoin.Fund invested (post).
- EVAA Protocol — Pre-Seed with TONcoin.Fund (post).
- TonUP — Seed led by TONcoin.Fund (post) and a private round with Antalpha, MEXC Ventures and Waterdrip (post).
- TON Raffles — a TON Foundation grant (post).
2024:
- Storm Trade — Seed closed (post).
- STON.fi — CoinFund (post).
- Catizen — Binance Labs (The Block) and The Open Platform (post).
- AKEDO Games — The Open Platform (post).
- Tradoor — Pre-Seed led by TON Ventures (post).
- GAMEE — TON Ventures (post) and Pantera (post).
- Blum — Binance Labs (crypto.news) and The Open Platform (cryptonews.net); both deals may be part of the $5 million announced in 2025.
- MiniTon — Seed (U.Today).
- DAOLama — public sale (post).
- DeLab and Betty — DeFinder Capital Fund invested (post).
2025:
- AKEDO Games — a round led by Karatage (post).
- Factorial Finance and Torch Finance — both backed by TVM Ventures (The Block).
- TONCASH — TON Ventures (PR Newswire).
- DuckChain — OKX Ventures (Blockchain.News).
- Fiva — TVM Ventures (post).
- Boinkers — a16z speedrun (post).
The full raw list of every round found — with memecoins, aggregator entries and excluded rows — is in the file rounds.csv.
