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The price of Ethereum (ETH) challenger Near (NEAR) is surging after completing a new funding round.

From a low of $13.38 on Monday, the altcoin hit a high of $19.92 on Thursday following reports that the Near Foundation just raised $150 million in additional investments.

Three Arrows Capital CEO Su Zhu tells his 456,400 followers about the fundraising round on Twitter, revealing that the cryptocurrency hedge fund led the private token sale.

Other participants include crypto-focused funds Mechanism Capital, Dragonfly Capital, Andreessen Horowitz, Jump, Alameda, Zee Prime and Amber Group.

The Near protocol is a proof-of-stake blockchain and decentralized application platform that uses sharding technology. The Ethereum rival is a newcomer in the crypto space, but investors and analysts alike have bullish outlooks for the crypto asset.

According to Su, macro investors are holding on to the cryptocurrency even as they exit their other positions amid the market correction. Meanwhile, pseudonymous crypto analyst Cantering Clark says that the altcoin may rise above $20 and even climb to $50.

At time of writing, NEAR is trading at $19.32.

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