March Starts Strong
Weekly Recap
Funding through the first week of March was strong, rising 10% from $162 million to $177 million. Total deal count fell 23% but was still impressive, with 31 deals. Infrastructure remains the dominant category, representing 85% of total fundraising and 61% of the deal count. DeFi tallied 26% of the deal count this week, including a $4.5 million strategic round by Blackwing, a modular blockchain for liquidation-free leverage trading. A variety of deal stages saw activity this week, with four stages tallying three or more deals. Although deal count was dispersed, 69% of funding was concentrated in the three Series A rounds this week, including the third largest deal of the year - a $73 million round closed by Zama (DotW). Seed rounds were the next most funded category, totaling $31 million across six deals.
Funding By Category
Funding by Deal Stage
Deal of the Week
Zama, an open-source cryptography company, raised $73 million in a Series A round led by Multicoin Capital and Protocol Labs (Filecoin). Other investors included Metaplanet, Blockchange Ventures, Vsquared Ventures, and Stake Capital. The funding will be used to continue researching its cryptography tools, developing better solutions, and expanding the team. The $73 million ...Reports you may have missed
WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
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...
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