NFTs, Payments and VCs Lead Funding Craze
Key Takeaways
- NFT projects raised $185 million while payments companies raised over $600 million and new venture capital aggregate funds were $1.285 billion this week
- Deal of the Week: Crypto exchange FTX raises $420 million at a $25 billion valuation
- Active investors this week include Galaxy Digital, CMS, Polychain and Ribbit Capital
Venture Capital Deals
Deel is an international payroll, human resources and compliance management platform that helps companies manage international employees. Deel is a global platform for remote distributed teams. The Company has raised a Series D funding round of $425 million at a $5.5 billion valuation. Investors that participated in the deal include Coatue, Andreessen Horowitz, the YC Continuity Fund, Spark Capital, Greenbay Ventires and NEO. COVID and technology has reshaped traditional workspaces and has created a remote work industry that continues to grow. (With Customers like Coinabse and Shopify, remote hiring startup Deel raises $425M at a $5.5B valuation).
Reports you may have missed
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...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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