Crypto VC Funding Follows Market

Aug 25, 2023 • 4 Min Read

Weekly Recap

Last week was a big week for funding, with $211 million raised by crypto companies. While a pullback was expected from these levels, given recent market sentiment, the magnitude of this pullback is telling. Only $24m in deals were closed this week, a nearly 90% drop in one week. Over half of the funds were raised by Anytype, which closed $13.4 million in an undisclosed round. Anytype calls itself an “everything app” focused on rebuilding internet apps that are inclusive, private, and allow for user-owned data through blockchain. There was a surprising lack of infrastructure deals, with most funds raised in the DeFi and Web3 & NFTs categories. Two DeFi deals continued the trend of raises from protocols that have already actively traded tokens and working products. These two projects are Maple and Pendle, which saw follow-on investments in what likely included aspects of equity and token sales, although these details were undisclosed. There were many undisclosed raises, with 8 of the 12 deals choosing not to release funding amounts. Perhaps this has distorted the size of the funding pullback. We will monitor funding levels in the upcoming weeks to see if funding appetite remains muted.

Funding by Category

Crypto VC Funding Follows Market
Crypto VC Funding Follows Market

Funding by Deal Stage

Crypto VC Funding Follows Market
New York stylized skyline
Get instant access to this report
Complimentary Research to all of our visitors! Subscribe to receive three types of reports. Receive FSI Academy, Community Questions and Signal from Noise to you inbox every month.

Please enter your name.

Get Access Now

What is FS Insight?

FS Insight is a market-leading, independent research boutique. We are experts in U.S. macro market strategy research and have leveraged those fundamental market insights to become leading pioneers of digital assets and blockchain research.

View of Tom Lee icon

Tom Lee's View

Proprietary roadmap and tools to navigate and outperform the equity market.

Macro and Technical Strategy icon

Macro and Technical Strategy

Our approach helps investors identify inflection points and changes in equity leadership.

Deep Research icon

Deep Research

Our pioneering research provides an understanding of fundamental valuations and risks, and critical benchmarking tools.

Videos icon

Videos

Our macro and crypto videos give subscribers a quick and easy-to-understand audiovisual updates on our latest research and views.

US Policy Analysis icon

US Policy Analysis

Our 40-year D.C. veteran strategist cuts through the rhetoric to give investors the insight they need.

Signal from Noise icon

Signal from Noise

A gimlet-eyed look at financial markets, with timely investment ideas in concise and engaging prose.

FS Insight footer logo

150 East 52nd St, 3rd Floor New York, NY 10022

SUBSCRIBE TO OUR FREE RESEARCH REPORTS

An institutional-grade report delivered to your inbox every week.

© 2025 FS Insight. All rights reserved.

Illustrations by Karl Wimer.