Funding Reaches its Highest Level in Months

Funding was the highest it’s been in months, shooting up from $160M last week to $659M this week. Not surprisingly, the bulk of this funding ($416M) came from infrastructure, which has been the strongest segment for most of 2022. Nine of this week’s 24 deals were infrastructure, the two standouts being Homa and Copper Technologies, which raised $100M and $196M, respectively. Interestingly, DeFi accounted for $216M of funding this week, making it one of DeFi’s highest-funded weeks all year. There was a total of seven DeFi deals, the largest of which was a $165M raise for the decentralized crypto trading protocol, Uniswap, giving the protocol a $1.66B valuation. Other segments such as NFTs, Web3, and CeFi, had a slower week, each seeing a decline in funding. Metaverse/Gaming funding rose from last week but was still relatively low at $10M.

There were two acquisitions this week. Crusoe Energy Systems acquired the operating assets of bitcoin miner Great American Miner and Offchain Labs (the developer of Ethereum Layer 2, Arbitrum) acquired Prysmic Labs, one of the core teams behind the development of the Ethereum Merge.

The majority of deals are still taking place in the early stages. Pre-Seed and Seed deals were 20.8% and 33.3% of deals, respectively.