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 primitive built on O...