Venture Funding Hits Yearly Lows, but CeFi Remains Resilient
Venture funding slid lower this week, with the lowest weekly amount of money raised all year. There were 28 deals, raising a total of $410M. Despite general VC funding weakness, CeFi funding has been resilient and had made up roughly ~60% of funding for the week at $235M, an increase from last week's CeFi financing of $190M. DeFi came in second for the most funding and rose from $10M to $88M compared to last week. Other sectors such as Infrastructure, Web3, and NFTs all dropped in funding. Metaverse/Gaming has seen the most significant reduction so far in June, received no funding in the past two weeks. Despite the lack of funding for most projects this week, there were multiple large crypto funds raised, including Valkarie Investments ($11M), Cathay Innovation ($110M), Solana Ventures ($100M), and Felix Capital ($600M).
Similar to last week, the majority of the deal-making occurred in early stages. Pre-seed, Seed, and Series A Deals made up 15%, 45%, and 35% of deals, respectively
Deal of The Week
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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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