Crypto Funding Takes a Dive
Funding took a dive this week, decreasing from $147M last week to just $75 million, the lowest level in over a month. Each vertical saw a decline in funding, with CeFi and Metaverse & Gaming receiving zero funding. Most of this week's funding was concentrated in the Infrastructure and Web3 & NFT segments, which had $41 million and $20 million in funding, respectively. These verticals in particular have been resilient throughout the bear market and have received consistent funding from VCs. Following the token launch of $SUI this week, the first decentralized exchange (DEX) on the Sui network, MoveEX, received an undisclosed amount of venture funding in a round led by Mysten Labs (the creator of the Sui blockchain.) There were 16 total deals this week, most of which were early-stage and at deal sizes of less than $10M.
Deal of the Week
Tangem AG, a hardware wallet provider, completed an $8 million investment round led by Shima Capital with participation form other undisclosed investors. Tangem is growing quickly, and the additional funding should help Tangem’s technologies evolve with increasing demand from digital asset holders. The deal type wasn’t disclosed, but the funds are earmarked for expanding product offerings to furt...Articles Read 2/3
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WEEKLY RECAP This week marked the third consecutive week of total funding over $100 million. This week’s total rose to $136 million compared to last week’s $119 million. A trend has developed of projects beginning to emerge from stealth development and announcing their product updates or new fundraises. Projects may be seeing light at the end of the tunnel of this bear market and think it is the right time...
WEEKLY RECAP After two weeks of lackluster funding activity, there was a considerable rebound in both total fundraising and deal count. Total funding rose to $129 million, over 8x last week’s total, while deal count more than doubled. In addition to funding activity increasing, the average deal size increased to $8 million compared to $3 million last week. Four deals were in the $10-$25 million bucket, the highest count in...