Funding Rebounds While Markets Dive
Funding rebounded this week despite drawdowns across crypto and traditional markets. Total weekly funding rose from $103M to $312M, with all sectors seeing increased funding except for DeFi and Mining. Infrastructure and Web3 & NFTs were the top funded verticals, raising $152M and $73M, respectively, while Mining has gone two straight weeks without funding. CeFi deals totaled $20m, showing signs of life after no CeFi deals closed last week.
Infrastructure had the most deals of any sector, with 12 out of 27 announced. Most of the funding in this category came from Ethereum L2 Scroll, which announced a $50 million raise at an eye-popping $1.8 billion valuation, despite not having a live mainnet. We dive deeper into this deal below as our deal of the week.
Many of the deals announced this week likely had already reached the final stages before wider market panic set in. The next few weeks of deal-making will potentially show how risk appetite could evolve for the rest of the year.
Deal of the Week
This week's Deal of the Week is Ethereum Layer 2 scaling solution, Scroll. Scroll is a Layer 2 blockchain that uses zero-knowledge technology to help Ethereum achieve scalability. We discuss zk-tech in depth in our Crypto Concepts piece&n...Reports you may have missed
WEEKLY RECAP Weekly funding fell by 34% from $126 million to $83 million, while deal count rose approximately 22% from 18 to 22. Infrastructure was the leading category, totaling $51 million across nine deals and comprising 61% of total funding. CeFi logged its second consecutive week of two deals, including Caliza’s $8.5 million investment round supporting its mission to provide cross-border remittances leveraging stablecoins. Web3 and Gaming deal flow has...
WEEKLY RECAP In the final week of Q2, crypto funding bounced back, rising 64% from $78 million to $128 million, while deal count rose modestly from 18 to 20. The funding total was dominated by Infrastructure, which comprised 88% of the total and also made up 55% of the total deal count. CeFi broke its streak of two weeks with no deal flow with a singular Series A round completed...
WEEKLY RECAP Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its...
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