Funding Rebounds
Weekly Recap
Funding levels have rebounded significantly, rising nearly 4x from last week to reach $211m this week. Half of the funds raised came from industry veteran BitGo’s $100m series C round, our deal of the week. Web 3 & NFTs saw a significant jump in funds raised, with companies like ZTX and Port.3 looking to utilize blockchain technology for novel use cases. Infrastructure continues to be the main focus of investors, contributing $174m of the total $211m raised. DeFi deals fell substantially, with only $7m raised in one deal, as investors favored infrastructure and software companies focused on data analytics and AI. While this was a strong funding rebound, most deals were likely closed before this week’s steep market drawdown. It will be interesting to see if investors continue funding amid broader market uncertainty or if spot prices have a noticeable impact on deals closed and funds raised going forward.