Abstraction Layers Becoming Prevalent
Weekly Recap
Total funding fell 49% week-over-week from $188 million to $95 million, and total deal count decreased modestly from 23 to 31. Infrastructure and DeFi were the two leaders in fundraising, accounting for approximately two-thirds of the total. The week's largest deal was a $15 million Series A round completed by Bluesky, a Web3 social network. Party Icons was the sole Gaming company that raised capital this week. They raised $9 million in a seed round to accelerate the development of their multi-game universe, which is available on mobile and PC. Across deal stages, funding was concentrated in Seed rounds, which represented 43% of both total funding and total deal count, totaling $41 million across nine deals.
Although not included in the numbers below, a notable acquisition was announced this week. Payments giant Stripe acquired Bridge for $1.1 billion. The deal marks a premium compared to the $200 million valuation they earned in their August Series A funding round. Bridge is a payments/stablecoins platform founded by Coinbase veterans. The two companies will work together to advance stablecoins and digital payments into more real-world businesses.
Funding by Category
Funding by Stage
Reports you may have missed
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BTC DECOUPLING FROM EQUITIES Over the past two weeks, BTC has begun to decouple from other risk assets. While the broader macro environment experienced choppy conditions from November 12th through yesterday, BTC has appeared indifferent to fluctuations in risk appetite, continuing its upward momentum and approaching the $100K milestone. A chart of BTC correlations highlights this decoupling, with sharp declines in its correlation to the QQQ, SPX, and IWM. The...
WEEKLY RECAP Despite liquid crypto prices rising, private market funding remains lackluster thus far in Q4. Aggregate funding fell 29% week-over-week, decreasing from $155 million to $109 million, while deal count fell by over 31% from 22 to 15. Infrastructure was the leading category from both a financing and deal count perspective and included our Deal of the Week, Noble. The largest deal was Monkey Tilt, which raised $30 million...
