Venture Funding Rebounds
Venture funding had its highest funded week of the month, with funding nearly doubling from $167M to $321M. Web 3 led the way, accounting for over half of all funding at $170M. There were seven Web 3 deals, the largest of which was an $80M investment in Orange DAO, a Decentralized Autonomous Organization that is made up of over 1,000 Y Combinator alums and operates like a decentralized venture fund. The DAO's mission is to "support past, present, and aspiring Y Combinator founders who are building the future of the crypto ecosystem." Infrastructure and Metaverse/Gaming bounced back from low funding last week, receiving $84M and $64M, respectively. While funding as a whole was strong, Defi, NFTs, and CeFi lagged. DeFi and Cefi received no funding this week and NFTs only received $3M.
There were two acquisitions this week. Distributed Finance acquired Algorand NFT marketplace Rand Gallery. The second acquisition was $10 billion crypto developer platform, Alchemy, acquiring Chainshot, an Ethereum coding boot camp. Alchemy has seen a meteoric rise in the past year, with the number of teams building on its platform increasing 10x.
Symbolic Capital raised $50M for its first fund, which plans to invest in Web 3 project...Reports you may have missed
WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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