Funding Skyrockets on the Back of Infrastructure
Crypto funding sharply increased this week, rising 114% from $108 million to $231 million. Infrastructure was the breadwinner, representing 44% of the total funding amount. The largest deal was an $81 million Series A deal completed by Auradine, valuing the company at $500 million. Despite the notable rise in total funding, deal counts dropped from 23 to 20, while the average deal size rose to $15.4 million.
Series A and Series B deals comprised 63% of total funding but only represented 20% of deal counts. Seed rounds remained the most popular type of deal, making up 30% of the count and 22% of funding. There was one M&A transaction this week. Ripple acquired Swiss digital custodian firm Metaco for $250 million. The acquisition will expand Ripple’s product suite and enable future issuance, custodial, and settlement services for tokenized assets while growing the company’s presence outside the U.S.