Funding is off to a Slow Start in 2023
Crypto funding is off to a slow start in 2023, with only five deals this week and a total of ~$7M in funding (two deals did not report the funding amount, so the actual number is a bit higher). It’s worth noting that this is in large part due to a lack of deal activity around the holidays – last week’s funding was also low at just $1M of funding. Three of the five deals were infrastructure-related, and there was one Web3 and one DeFi deal. The largest deal this week was MSafe, which raised $5 million in a seed round led by Jump Crypto.
Deals remain mainly in the early stages – with seed deals accounting for 50% of deals this week.
Deal of the Week:
MSafe, a wallet services provider built on Move, raised $5 million in a Seed round led by Jump Crypto. Other investors included Circle Ventures, Coinbase Ventures, Superscrypt, and Redpoint Ventures, among others. MSafe is led by CEO Wendy Fu, who previously worked with Meta on the company’s Diem project and was a founding member of the Novi wallet. MSafe is focused on providing a scalable wallet solution for mass Web3 adoption. It plans to use the capital to grow its team, develop its product portfolio, and scale existing product adoption.