Crypto Funding Takes a Dive
Funding took a dive this week, decreasing from $147M last week to just $75 million, the lowest level in over a month. Each vertical saw a decline in funding, with CeFi and Metaverse & Gaming receiving zero funding. Most of this week's funding was concentrated in the Infrastructure and Web3 & NFT segments, which had $41 million and $20 million in funding, respectively. These verticals in particular have been resilient throughout the bear market and have received consistent funding from VCs. Following the token launch of $SUI this week, the first decentralized exchange (DEX) on the Sui network, MoveEX, received an undisclosed amount of venture funding in a round led by Mysten Labs (the creator of the Sui blockchain.) There were 16 total deals this week, most of which were early-stage and at deal sizes of less than $10M.
Deal of the Week
Tangem AG, a hardware wallet provider, completed an $8 million investment round led by Shima Capital with participation form other undisclosed investors. Tangem is growing quickly, and the additional funding should help Tangem’s technologies evolve with increasing demand from digital asset holders. The deal type wasn’t disclosed, but the funds are earmarked for expanding product offerings to furt...Reports you may have missed
WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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