Prices are Down but Funding is Up
Funding increased from a slow week last week from $260M to $422M. As we’ve seen all month, crypto infrastructure remains the leading interest for VCs. Infrastructure accounted for nearly half of all funding at $208M and comprised 11 of the 24 deals this week. The largest of these infrastructure deals was Sardine, a platform that provides real-time fraud prevention services for web3 and fintech companies. Sardine raised $51.5M in a Series B round led by VC giant Andreesen Horowitz. Metaverse/Gaming also had a good week, with funding increasing from $8MM last week to $86MM this week, with four total deals. Overall, each segment this week had a bump in funding from the previous week aside from NFTs, which received no funding this month.
There was one web3 related fund raised this week – Digital Transformation Capital Partners (DTCP), which raised its Growth Equity III fund of €300M from investors such as Deutsche Telekom and SoftBank. DTCP plans to invest in cloud-based enterprise software and SaaS companies in the fields such as cybersecurity, web3, AI, and fintech.
Deals have remained concentrated in the early stages all year, although we saw a slight uptick in some of the later stages this week. Seed Round deals still accounted for most of the deals at 29.2%,...