Web3 Funds Load up on Dry Powder
Despite a cold start in the first week of 2023, funding has ramped back up, increasing from just $7M in the first week of 2023 to $65M and $186M in the last two weeks, respectively. The majority of this funding came from Web3 and NFTs, which accounted for roughly $80M each week. There were also four Web3 and NFT related venture funds the past two weeks, totaling a massive $1.85B in funding. The largest of these funds was Venum Venture Funds (VVF), which raised $1B. VVF was founded by the Venom Foundation and Iceberg Capital and is planning to invest in pre-seed to Series A rounds for Web3 protocols and other decentralized applications. The fund is led by Peter Knez, ex-CIO of Blackrock and former global CIO for fixed income at Barclays Global Investors. Another large fund raised this week was HashKey Capital’s third fund (Fund III) with a total commitment of $500M. This fund will focus on on both Web3 as well as crypto infrastructure. Other Web3-related funds raised this week were Sequoia Seed Fund V and Escape Velocity Fund I. Aside from Web3 & NFTs and infrastructure, the other sectors lagged the past two weeks. DeFi and CeFi only received $10M and $3M, respectively the past week and Metaverse & Gaming had no funding the first two weeks and only $10M of funding this ...
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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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