Funding Slides Lower, but Gaming Deals get Attention

Funding declined this week, dropping from $519M to $425M, but total deals remained at 28 each week. This week's most considerable increase in funding was in the Metaverse/Gaming sector, which increased 7x from $12M to $88M. There were six total gaming deals, the largest of which being a $41MM Series C funding round for Klang Games to develop SEED, an MMO (Massively Multiplayer Online Game) that allows users to participate in a virtual world with a self-governed, player-driven economy. Web3, DeFi, and CeFi all saw funding declines while infrastructure funding increased. NFT funding has been the lowest funded sector the past two weeks and stayed relatively unchanged. Three sizable funds were raised this week: Konvoy Ventures raised $150M, Sequoia Capital China raised $8B, and OP Crypto raised $100M. 

Most of the dealmaking remains in the early stages. Seed round deals saw the most activity at 61%, up from 55.6% last week. Pre-seed and Series A deals were 16.7% and 22.2%, respectively, and Series B and Series C deals each accounted for 5.6%.

Deal of the Week