Venture Funding Rebounds

Venture funding had its highest funded week of the month, with funding nearly doubling from $167M to $321M. Web 3 led the way, accounting for over half of all funding at $170M. There were seven Web 3 deals, the largest of which was an $80M investment in Orange DAO, a Decentralized Autonomous Organization that is made up of over 1,000 Y Combinator alums and operates like a decentralized venture fund. The DAO's mission is to "support past, present, and aspiring Y Combinator founders who are building the future of the crypto ecosystem." Infrastructure and Metaverse/Gaming bounced back from low funding last week, receiving $84M and $64M, respectively. While funding as a whole was strong, Defi, NFTs, and CeFi lagged. DeFi and Cefi received no funding this week and NFTs only received $3M. 

There were two acquisitions this week. Distributed Finance acquired Algorand NFT marketplace Rand Gallery. The second acquisition was $10 billion crypto developer platform, Alchemy, acquiring Chainshot, an Ethereum coding boot camp. Alchemy has seen a meteoric rise in the past year, with the number of teams building on its platform increasing 10x.