Blasting L2 & Infrastructure
Weekly Recap
After last week’s surge, funding and deal count fell to robust levels despite the short holiday week. Funding totaled $98 million in 13 deals announced, with the majority again raised by infrastructure. Companies tackling privacy, data, and wallet or L1 scalability improvements continue to get funded as investors remain confident that multiple winners can emerge from already competitive verticals. Our deal of the week, Blast, is another example of a start-up getting funded in a highly competitive category (L2s). Yet teams are getting bolder in their go-to-market tactics, with Blast gaining over $200 million in TVL days after launching through innovative incentive structures. Metaverse & Gaming was the second most active category, with three deals closed. Gaming tokens have been some of the best performers in the liquid market’s recent uptick, and this bullishness has also extended to private markets. Given extended development timelines for gaming projects, many projects that raised in the last bull market are just getting to production-ready releases. The mainstream success of a blockchain-based game will likely catalyze further investment into the space.
Funding by Category
Funding by Deal Stage
Deal of The Week
Ethereum Laye...Reports you may have missed
WEEKLY RECAP Crypto funding saw a large jump week-over-week, increasing 83% from $231 million to $424 million, and total deal count rose by 21% from 28 to 34. The large funding total was helped by a $250 million token sale completed by Avalanche ahead of its Avalanche9000 upgrade. Infrastructure dominated amongst categories, totaling $354 million across 21 deals, making up 84% of funding and 62% of total deal count. The...
WEEKLY RECAP Crypto funding rose 60% week-over-week from $145 million to $232 million, while total deal count decreased 7% from 29 to 27. CeFi was the leading funding category, totaling $145 million across three deals and comprising 63% of all funding. The total was bolstered by Public’s $130 Series D round, representing only the second Series D round in 2024. Although CeFi has been a laggard category all year, three...
WEEKLY RECAP Despite liquid crypto prices rising, private market funding remains lackluster thus far in Q4. Aggregate funding fell 29% week-over-week, decreasing from $155 million to $109 million, while deal count fell by over 31% from 22 to 15. Infrastructure was the leading category from both a financing and deal count perspective and included our Deal of the Week, Noble. The largest deal was Monkey Tilt, which raised $30 million...
WEEKLY RECAP Total funding has rebounded from last week’s abnormally low amount, increasing 251% from $44 million to $154 million. Infrastructure was the leading category, raising $99 million across 13 deals. This week’s largest deal fell into the Infrastructure bucket; 0G Labs, a former Deal of The Week, raised $40 million in a Seed round, bringing its total funding to $75 million. From a deal stage perspective, funding was concentrated...