Venture Funding Remains Robust Despite Macro Uncertainty

While liquid markets continued to chop this week, venture funding remained relatively robust with over 45 deals completed for a total of $574 million – a slight downtick from last week’s $600 million. Web3 projects raised $227 million, the most of any other category, with CeFi coming in second having raised $190 million. Metaverse/gaming projects were overlooked this week; however, Japanese game developer Akatsuki raised a $20 million fund that will be deployed over the coming months. Other fund launches include Binance Lab’s $500 million Web3 fund and Canonical Crypto’s $20 million infrastructure fund.

Most deal making continues to occur in early stages. Pre-Seed accounted for 17.6% of total deal count while Seed made up 47.1% this week. Last week Pre-Seed and Seed made up 17.9% and 42.9%, respectively.

Deal of the Week

Astra Protocol is a decentralized compliance solution for the growing Web3 economy. With the help of Astra, protocols can comply with government regulations while still maintaining decentralization. Astra raised $100 million from Republic in their Series A funding round, valuing Astra at $500 million. This investment comes after a successful $9 million raise in December which was also led by Republic, with participation from Fundamental Labs, NewTribe Capita...