Web3 Funds Load up on Dry Powder
Despite a cold start in the first week of 2023, funding has ramped back up, increasing from just $7M in the first week of 2023 to $65M and $186M in the last two weeks, respectively. The majority of this funding came from Web3 and NFTs, which accounted for roughly $80M each week. There were also four Web3 and NFT related venture funds the past two weeks, totaling a massive $1.85B in funding. The largest of these funds was Venum Venture Funds (VVF), which raised $1B. VVF was founded by the Venom Foundation and Iceberg Capital and is planning to invest in pre-seed to Series A rounds for Web3 protocols and other decentralized applications. The fund is led by Peter Knez, ex-CIO of Blackrock and former global CIO for fixed income at Barclays Global Investors. Another large fund raised this week was HashKey Capital’s third fund (Fund III) with a total commitment of $500M. This fund will focus on on both Web3 as well as crypto infrastructure. Other Web3-related funds raised this week were Sequoia Seed Fund V and Escape Velocity Fund I. Aside from Web3 & NFTs and infrastructure, the other sectors lagged the past two weeks. DeFi and CeFi only received $10M and $3M, respectively the past week and Metaverse & Gaming had no funding the first two weeks and only $10M of funding this ...
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WEEKLY RECAP As expected, funding totals during the holidays were comparatively low. Both total funding and deal count fell by approximately 70%. There were 11 deals this week totaling $45 million in funding. All disclosed funding amounts fell into the Infrastructure and DeFi categories, while Web3 tallied two deals for undisclosed amounts. Infrastructure-led deal counts among categories (7), and there were no CeFi or Gaming deals to end the year....
WEEKLY RECAP Crypto funding saw a large jump week-over-week, increasing 83% from $231 million to $424 million, and total deal count rose by 21% from 28 to 34. The large funding total was helped by a $250 million token sale completed by Avalanche ahead of its Avalanche9000 upgrade. Infrastructure dominated amongst categories, totaling $354 million across 21 deals, making up 84% of funding and 62% of total deal count. The...
WEEKLY RECAP Crypto funding rose 60% week-over-week from $145 million to $232 million, while total deal count decreased 7% from 29 to 27. CeFi was the leading funding category, totaling $145 million across three deals and comprising 63% of all funding. The total was bolstered by Public’s $130 Series D round, representing only the second Series D round in 2024. Although CeFi has been a laggard category all year, three...
WEEKLY RECAP Despite liquid crypto prices rising, private market funding remains lackluster thus far in Q4. Aggregate funding fell 29% week-over-week, decreasing from $155 million to $109 million, while deal count fell by over 31% from 22 to 15. Infrastructure was the leading category from both a financing and deal count perspective and included our Deal of the Week, Noble. The largest deal was Monkey Tilt, which raised $30 million...
