Average Deal Size Continues to Exceed Q1 Levels
Crypto funding maintained last week’s levels, rising slightly to $179 million from $171 million. The general trend of Infrastructure and Seed deals being the most common continued. Additionally, Infrastructure deals made up 76% of the total fundraising amount. Interestingly, this was the second week in a row for CeFi and Mining not tallying any deals, as both categories have lost their luster throughout the ongoing bear market.
Deal counts were relatively evenly distributed across Pre-Seed, Seed, and Strategic deals, comprising half of the total deal count. Strategic rounds had the highest funding total ($59 million) between those three deal stages. The larger total can be attributed to our Deal of the Week, in which Magic raised $52 million. This week's average deal size was $10.5 million, marking the third consecutive week of average deal size exceeding Q1’s $8.6 million average.
There was one M&A transaction this week in which data analytics firm Chainalysis acquired Transpose, a blockchain infrastructure company. The transaction amount was undisclosed, but Chainalysis believes Transpose’s technology will help them meet its clients’ data demands and bolster its position as the most trusted source of Web3 data.