Venture Funding Slides Lower
Funding decreased this week to the lowest levels all month, declining from $142M to $96M. While funding decreased, the total number of deals remained the same at 22. Web3 & NFTs had the most funding this week, with six deals totaling $34M, including digital asset wallet Galaxy Finance, the largest deal of the week at $30M. Infrastructure had the second most funding at $31M. Each other sector lagged behind, with Mining and Metaverse & Gaming being the least funded, each receiving no funding.
While many deals this week didn’t disclose what round they were, the majority of deals were early stage, with 6 of the 22 being seed round.
Funding by Category
Funding by Stage
Deal of The Week:
Maverick Protocol, a DeFi Infrastructure project, raised $9m in an undisclosed round led by Founders Fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto. This follows an $8m strategic raise from February of 2022, with participation from Panteral Capital, Circle, Spartan Group, and CMT Digital. According to founding member Alvin Xu, Maverick aims to “provide critical market infrastructure required to eliminate inefficiencies from DeFi and help the industry grow to new highs.” The team recently launched a decentra...Reports you may have missed
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WEEKLY RECAP This week’s $113 million in funding was less than half of last week’s $242 million, although the deal count showed a more modest 17% drop to 30 deals. Infrastructure continues to be the most popular investment category. Infrastructure’s $66 million in funding was stapled by Nexus Labs and Nuffle Labs’ $25 million and $13 million respective investment rounds. After tallying a few deals in the previous two weeks,...
WEEKLY RECAP Weekly funding fell by almost 50% to $182 million, while the deal count fell by about a third to 23. The Infrastructure category led both funding and deal count, bolstered by Avail’s $47 million Series A round. CeFi saw $26 million in funding, including XREX’s $18.75 million strategic round with Tether. XREX will use the funding to help facilitate regulatory-compliant cross-border payments using USDT. Gaming had the second...
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