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.
Deal of the Week
The Deal of the Week is Hourglass, a crypto startup that raised $4.2M in a seed round led by Electric Capital with participation from Coinbase Ventures and Circle, among others. Hourglass is the first marketplace that allows users to trade Time-Bound Tokens (TBTs), a concept that tokenizes a user's staked or locked assets. ...Reports you may have missed
WEEKLY RECAP Weekly funding fell from $152 million to $125 million across 23 deals compared to last week’s 31. The largest deal of the week was a $47 million strategic round completed by Securitize, notably led by BlackRock and making CeFi the leading fundraising category this week. As one of the largest asset managers in the world, the investment carries significant weight in legitimizing the tokenization sector. BlackRock used Securitize...
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...
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