All Eyes on Infrastructure and Web3 & NFTs
Funding increased 40% week-over-week from $75 million to $105 million. Infrastructure and Web3 & NFTs dominated fundraising, representing 88% of total funding. Deal counts also rose this week, ticking up 31% to 21 deals. Deal sizes were consistent with last week’s levels, with an average of $6 million per deal. The week's largest deal was a $16.5 million token sale completed by Limewire. The ex-notorious file-sharing platform is refocusing its efforts toward a digital platform where musicians can create and monetize blockchain-based content.
Deal stage make-up stayed consistent with recent trends, with Seed deals representing 29% of funding and 43% of deal count. Pre-seed deals comprised 10% of the total count, while 43% failed to disclose the deal stage. Other than the Limewire deal, there were no other token sales, and there were no reported M&A deals.
Deal of The Week
Odsy Network, a layer-1 blockchain aiming to create universal wallets for Web3, raised $7.5M at a $250M valuation. The seed round was led by Blockcharge Ventures, with participation from Rubik Ventures, Node Capital, and FalconX, among others. Odsy’s cyber security and cryptography experts are developing the network as a universal control layer to secure assets across all Web3. A new...Reports you may have missed
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...
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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