Funding Skyrockets on the Back of Infrastructure
Crypto funding sharply increased this week, rising 114% from $108 million to $231 million. Infrastructure was the breadwinner, representing 44% of the total funding amount. The largest deal was an $81 million Series A deal completed by Auradine, valuing the company at $500 million. Despite the notable rise in total funding, deal counts dropped from 23 to 20, while the average deal size rose to $15.4 million.
Series A and Series B deals comprised 63% of total funding but only represented 20% of deal counts. Seed rounds remained the most popular type of deal, making up 30% of the count and 22% of funding. There was one M&A transaction this week. Ripple acquired Swiss digital custodian firm Metaco for $250 million. The acquisition will expand Ripple’s product suite and enable future issuance, custodial, and settlement services for tokenized assets while growing the company’s presence outside the U.S.
Deal of the Week
The Deal of the Week is Hourglass, a crypto startup that raised $4.2M in a seed round led by Electric Capital with participation from Coinbase Ventures and Circle, among others. Hourglass is the first marketplace that allows users to trade Time-Bound Tokens (TBTs), a concept that tokenizes a user's staked or locked assets. ...Unlock this article by joining our Community!
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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...
