All Eyes on Infrastructure and Web3 & NFTs
Funding increased 40% week-over-week from $75 million to $105 million. Infrastructure and Web3 & NFTs dominated fundraising, representing 88% of total funding. Deal counts also rose this week, ticking up 31% to 21 deals. Deal sizes were consistent with last week’s levels, with an average of $6 million per deal. The week's largest deal was a $16.5 million token sale completed by Limewire. The ex-notorious file-sharing platform is refocusing its efforts toward a digital platform where musicians can create and monetize blockchain-based content.
Deal stage make-up stayed consistent with recent trends, with Seed deals representing 29% of funding and 43% of deal count. Pre-seed deals comprised 10% of the total count, while 43% failed to disclose the deal stage. Other than the Limewire deal, there were no other token sales, and there were no reported M&A deals.
Deal of The Week
Odsy Network, a layer-1 blockchain aiming to create universal wallets for Web3, raised $7.5M at a $250M valuation. The seed round was led by Blockcharge Ventures, with participation from Rubik Ventures, Node Capital, and FalconX, among others. Odsy’s cyber security and cryptography experts are developing the network as a universal control layer to secure assets across all Web3. A new...Reports you may have missed
WEEKLY RECAP Weekly funding fell from $152 million to $125 million across 23 deals compared to last week’s 31. The largest deal of the week was a $47 million strategic round completed by Securitize, notably led by BlackRock and making CeFi the leading fundraising category this week. As one of the largest asset managers in the world, the investment carries significant weight in legitimizing the tokenization sector. BlackRock used Securitize...
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...
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