Venture Funding Drops But Crypto Hedge Funds Get Huge Inflows
Venture funding fell to its lowest level all year at $212M, down over 50% from $503M last week. Total deals also nearly got cut in half, falling from 47 to 22. The largest drops in funding came in the infrastructure and Metaverse/Gaming segments, which were each particularly high last week. Surprisingly, NFT funding increased to its highest level in weeks at $81M. There were four NFT deals, the largest of which being Gary Vaynerchuk’s Veefriends, which raised $50M in a Seed Round. The majority of deals occurred in the early stages, with 63.6% of the deals being Seed Round.
While venture funding was low, crypto investment funds actually had a huge week, with 9 funds raised for a total of $1.98 billion. The largest of these was global macro hedge fund Brevan Howard’s $1 billion raise for its crypto fund – making it the biggest crypto hedge fund raise ever. Brevan Howard’s Digital Asset Multi-Strategy Fund employs a multi-manager and multi-strategy approach, putting capital to work in both venture capital-style plays and liquid crypto tokens. Strategies include quantitative trades and relative-value plays that are implemented by teams of portfolio managers structured in “pods” that feature supporting analysts and engineers. More than 60 staffers run BH Digital’s o...Unlock this article by joining our Community!
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