Web3 Takes The Lead

Funding for this week has seen a dramatic decrease compared to last week. Total funding fell 53% to $154 million compared to $328 million last week. Web3 was the winning category of funding deals representing 75% of all capital raised, breaking the pattern of infrastructure being the dominant category over the prior two weeks. Horizon Blockchain Games tied for the largest deal this week, raising $40 million in a Series-A deal. Horizon is a blockchain game developer best known for its game Skyweaver and plans to use the funds to grow its product offerings and scale operations. 

It was another strong week for crypto funds & ecosystem raises. $820 million was raised across two deals, with the lion’s share coming from a $720 million fundraise by NYDIG for its Institutional Bitcoin Fund. 59 investors contributed to the raise, and NYDIG plans to continue its goal of making “Bitcoin a universal option for billions of people worldwide.”

Seed-round deals accounted for almost half of all deals this week. The percentage of seed-round deals has increased steadily since the week of 9/23. Although there was a large uptick in strategic deals last week, there were zero strategic deals this week. 

Deal of the Week: