Infrastructure and DAO Tooling in the Spotlight
Key Takeaways
- Infrastructure remained the hottest sector in crypto this week, with Helium’s $200 million raise as the stand-out. NFT/metaverse projects also remain of interest to investors broadly. The sub-category of DAO tooling is gaining more traction with RabbitHole’s $18 million raise. Like last week, DeFi was relatively inactive, with only a few deals closed focusing on derivatives and cross-chain liquidity.
- Active investors this week include Multicoin Capital, Tiger Global, Alameda Research, Polychain Capital, Dragonfly Capital, Seven Seven Six, Sequoia Capital, and Jump Capital, amongst others.
- Deal of the Week: 3Box Labs raised $30 million to support its development of the web3 social platform and composability network, Ceramic. Ceramic aims to provide a scalable infrastructure layer for data, a clearinghouse for sharing data models between network users, and an open API toolkit.
Venture Capital Deals
Blockchain interoperability Network, Axelar raised $35 million this week at a $1 billion valuation. Participants in the round include Dragonfly Capital, Polychain Capital, North Island Ventures, Rockaway Blockchain Fund, Cygni Capital, Lemniscap, Olive Tree Capital, Blockchange Ventures, Node Capital, amongst others. Axelar also continues to form partner...Reports you may have missed
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WEEKLY RECAP In the final week of Q2, crypto funding bounced back, rising 64% from $78 million to $128 million, while deal count rose modestly from 18 to 20. The funding total was dominated by Infrastructure, which comprised 88% of the total and also made up 55% of the total deal count. CeFi broke its streak of two weeks with no deal flow with a singular Series A round completed...
WEEKLY RECAP Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its...
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