Web 3 and Infrastructure Lead the Way

Funding has remained relatively stable all month at around ~$450M per week. While funding is up from last week, the total deal count dropped from 36 to 32. Infrastructure deals have led for the second week in a row. There were four infrastructure deals, the largest of which was a $150M in Series A funding for Aptos, an Alternative Layer 1 blockchain that we discuss in more detail later in this report. Other infrastructure deals included Socket, Atato, and Topl. Web 3 and Metaverse/Gaming deals also had a strong week, with both segments doubling their funding from last week. Web 3, in particular, saw a lot of action with 14 deals. CeFi, NFTs, and DeFi deals lagged - something we've seen all month. Variant, an early-stage fund investing in Web 3, raised two funds this week: a $150M early stage fund and a $300M opportunity fund that will invest in existing Web 3 projects. There was one major acquisition this week - Chain, a Web 3 and Blockchain cloud infrastructure company, acquired Measurable Data Token and its ecosystem products in a deal valued at over $100M.

As we've seen all year, deal making remains concentrated in the early stages. Pre-seed and seed deals accounted for 18.2% and 59.1%, respectively.

Deal of The Week: