Two Companies Earn Unicorn Status
Weekly Recap
Crypto funding continued to show strength through the first half of March, with $252 million in total funding across 38 deals, marking a 41% week-over-week funding increase. The infrastructure category represented approximately two-thirds of funding and almost half of total deal count, including a $69 million undisclosed round from Berachain, an EVM-compatible L1 network powered by proof-of-liquidity. The round was co-led by large TradFi asset manager Brevan Howard and Framework Ventures, who valued Berachain at $1.5 billion. Berachain was one of two companies that earned unicorn status, as Polyhedra Network was valued at $1 billion. Elixir was not far off, obtaining a valuation of $800 million, rounding out an impressive week for private market valuations. Only eight deals in 2023 valued companies at $800 million or greater, and 2024 has amassed six before the end of the first quarter.
Funding by Category
Funding by Deal Stage
Deal of the Week
Elixir, a modular DPoS network built to power liquidity across order-book exchanges, raised $8 million through a series B round led by Mysten Labs (Sui) and Maelstrom (Arthur Hayes family office). Other investors included GSR, Flowdesk, Manifold, and Amber Group. The deal brings Elixir’s valu...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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