Crypto VC Funding Follows Market

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

Funding by Deal Stage