Q1 2024 Funding Report

Key Takeaways

• Resurgence in Activity: The crypto industry saw over $2.3 billion in private funding across 367 deals, marking a significant increase in activity and the first time total funding has surpassed $2 billion since Q2 of 2023.
• Focus on Infrastructure: Infrastructure remained the most popular investment category, attracting nearly $1.1 billion across 141 deals, reflecting ongoing industry efforts to enhance scalability and user experience.
• Selective Investment in CeFi: CeFi saw fewer but larger deals, suggesting a cautious but targeted investment approach in the wake of previous industry setbacks.
• Growth in Series A Rounds: There was a notable uptick in Series A funding, with $640 million raised across 30 deals, showing many projects that began with seed rounds in 2023 advancing to more substantial funding stages.
• Valuations Growing: Q1 had multiple deals with notable valuations. Berachain, HashKey Group, Polyhedra Network, and io.net all achieved unicorn status with valuations of $1 billion or greater.