Sequencers Steal Spotlight
Weekly Recap
March continues to be an impressive month for the crypto private market. Total funding reached $228 million across 32 deals, marking the third consecutive week with over 30 deals. Average deal size has slowly been increasing. This week’s average deal amount was $10.9 million. For comparison, 2023’s average deal size was $9.2 million, representing an 18.4% increase. DeFi was the leading category from a deal count perspective, representing 34% of total deals but only 11% of total funding. In contrast, Infrastructure was the leader from a funding perspective, representing 55% of funding and only 19% of deals. Examining deal stages, Series A deals accounted for 50% of funding, totaling $115 million. There has been a recent uptick in Series A rounds. March has seen 13 Series A rounds while January and February both saw about half that amount.
Funding by Category
Funding by Deal Stage
Deal of the Week
Espresso Systems, a shared sequencing marketplace for rollups, raised $28 million via a Series B round led by a16z. Other investor participation included Polygon, Frax, Starkware, Rarible, Taiko, and Injective, among others. Espresso hopes to increase users' utility through improved safety, liveness, and interoperability while being fully c...Reports you may have missed
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WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
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