Infrastructure Remains VC's Focus
Funding was down this week, dropping from $607M to $241M, as total deals fell from 26 to 18. While infrastructure remained the highest funded sector at $158M, it declined nearly 68% from last week's huge week. The only sector that saw an increase from last week was NFTs. This was due entirely to a $54M raise for Doodles, which puts the Web3/NFT company at a whopping $704M valuation. We discuss this deal more in our Selected Deals Section. The lowest funded sector this week was Metaverse/Gaming, which only had one deal (MetaFi), and received $3M in funding. Metaverse/Gaming had been especially strong the past few months but has taken the backseat recently as funds allocate more to infrastructure.
Four crypto funds were raised this week: North Island Ventures, Northzone, Two Sigma Ventures, and Valkyrie's Tron & Avalanche Trust. The largest of these raises was London-based Northzone, which raised $1.01 billion to invest in early-stage Web3 projects.
An interesting partnership this week, was investment giant KKR, teaming up with Avalanche to tokenize their Health Care Strategic Growth Fund II (HCSG II) on the Avalanche blockchain. KKR will tokenize this fund with the help of digital asset management company Securitize Cap...Reports you may have missed
WEEKLY RECAP Weekly funding fell from $152 million to $125 million across 23 deals compared to last week’s 31. The largest deal of the week was a $47 million strategic round completed by Securitize, notably led by BlackRock and making CeFi the leading fundraising category this week. As one of the largest asset managers in the world, the investment carries significant weight in legitimizing the tokenization sector. BlackRock used Securitize...
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...
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