Funding Declines as Q3 Approaches
Crypto funding dropped sharply this week, falling to $129 million from $373 million. To no surprise, Infrastructure deals once again garnered the largest amount of funding, equating to $78 million. Web3 & NFTs were the second largest category by funding ($35 million) and tied Infrastructure with the highest deal count (7). The average deal size across all categories was $8.1 million - a considerable decline from last week’s $25 million average.
Despite the large decrease in funding and average deal size, the total number of deals rose to 17 compared to last week’s 15. Over 82% of the deal count came from Infrastructure and Web3 & NFTs, with the next most popular category being DeFi with two deals (12%). Seed deals represented 35% of all deals, while the rest were evenly distributed across various deal stages. Although there was only one Series A round, it represented 36% of total funding. There were no fund/ecosystem raises or M&A transactions to report this week.
Funding by Category
Funding by Deal Stage
Deal of the Week
This week's Deal of the Week is Gensyn, which raised $43M in a Series A round led by A16z Crypto with participation from CoinFund, Canonical Crypto, and Protocol Labs, among others. Gensyn is a machi...Reports you may have missed
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