ARK Raises New Crypto Fund and VCs Target Infrastructure

Funding dropped this week from $312M to just $99M. As we've seen all month, funding remains primarily concentrated in Infrastructure and Web3, which raised $37M and $28M, respectively. Infrastructure accounted for 9 of this week's 21 deals, and Web3 & NFTs accounted for 6. DeFi remains a laggard this week, receiving just $6M of funding

One major crypto fund was raised this week –Cathie Wood's ARK's Crypto Revolutions Fund, which raised over $16M. The fund is split between a fund based in the U.S., which raised ~$7.2M from nine investors, and a fund based in the Cayman Islands, which raised ~$9M from one investor. This raise comes just after the ARK Innovation ETF received a whopping $397M of inflows last Friday, its largest influx since April 2021.

Most deals this week were done in the early stages, with 53% in seed or pre-seed rounds.

Selected Deals

Jungle is a Web3-based gaming studio aiming to acquire undervalued intellectual property. This allows the studio to bypass the development process for gaming titles, which can expedite releases by up to three years. The company has secured $6M in funding through its seed round, co-led by Framework Ventures and Bitkraft Ventures. The funding round included investor participation from Delphi Digital, Stateless Ventures, 32-Bit Ventur...