VCs Bet Big on Interoperability
Funding declined slightly this week, from $316M to $254M, with infrastructure making up the majority of funding for the second week in a row at $200M, nearly 80% of total funding. Infrastructure also had one of the biggest deals of the year – LayerZero Labs, an interoperability protocol that raised $120M in a Series B round. We discuss this deal in more depth later in this report. Other segments lagged behind, with each other category accounting for less than $25M.
There were three crypto funds raised this week. The RxR Opportunities Fund raised $100M to invest in liquid tokens. This fund is a strategic venture between VC firm, Re7 Capital and crypto infrastructure firm, Republic Crypto. Theory Ventures raised $230M to invest in web3, data, and machine learning startups and Delphi Labs raised $14M for a web3 accelerator that will invest $200,000 in each team accepted into the 4-6 month program.
The Deal of the Week
This week's Deal of the Week is LayerZero Labs, the team behind the blockchain interoperability protocol, LayerZero. LayerZero Labs raised $120M in Series B funding in a round that included a16z Crypto, Sequoia Capital, and Circle Ventures, among others. This round puts LayerZero Labs at a whopping $3 billion valuation. The team has ...Reports you may have missed
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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...
WEEKLY RECAP Despite a short week in observance of Good Friday, weekly funding rose 17% from $228 million to $268 million across 31 deals. March funding totaled $960 million (with three days remaining), representing the highest figures since March ’23. Monthly deal count has reached 142 thus far, similarly marking the highest tally since 2022. Gaming companies had a strong week of funding, raising $114 million, being slightly edged out...
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