Interoperability Becoming a Major Focus
Weekly Recap
Despite total deal count rising 33% to 36 deals, total fundraising fell almost 40% to $143 million. Only three projects raised over $10 million this week, and the average deal size was $6.5 million. Similarly to last week, funding was concentrated in Infrastructure and DeFi, together representing 95% of total fundraising and 81% of the deal count. CeFi continues to be an unpopular category, with just two deals in the last three weeks.
Seed rounds garnered the lion’s share of funding and deal flow, comprising 38% of fundraising and 19% of deal count. Seed rounds have been the dominant deal stage in 2024 thus far, with a significant lack of mid-to-late-stage deals. There have been zero series C+ in 2024 and just two series B rounds. It will be interesting to monitor if this trend reverses in the second half of the year as companies mature and see more substantial adoption.
Funding by Category
Funding by Deal Stage
Deal of the Week
Avail, a Web3 infrastructure layer, raised $27 million in a seed round led by Dragonfly Capital and Peter Thiel’s Founders Fund. Other investor participation included SevenX, Figment, and Nomad Capital. Avail initially launched in 2020 under Polygon Labs before spinning off on its own and is led by forme...Reports you may have missed
WEEKLY RECAP Weekly funding fell by 34% from $126 million to $83 million, while deal count rose approximately 22% from 18 to 22. Infrastructure was the leading category, totaling $51 million across nine deals and comprising 61% of total funding. CeFi logged its second consecutive week of two deals, including Caliza’s $8.5 million investment round supporting its mission to provide cross-border remittances leveraging stablecoins. Web3 and Gaming deal flow has...
WEEKLY RECAP In the final week of Q2, crypto funding bounced back, rising 64% from $78 million to $128 million, while deal count rose modestly from 18 to 20. The funding total was dominated by Infrastructure, which comprised 88% of the total and also made up 55% of the total deal count. CeFi broke its streak of two weeks with no deal flow with a singular Series A round completed...
WEEKLY RECAP Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its...