Flashbots Achieves Unicorn Status
Crypto funding fell on a weekly basis to $153 million compared to $219 million last week. Notably, 10 of the 15 deals announced this week secured funding within the $0-$10 million range. This is significant because it continues a trend of crypto VCs increasingly allocating capital towards early-stage funding rounds and being more selective in later stages. Our team highlighted this trend in our Q2 2023 Crypto Fundraising Report.
Infrastructure-related projects received the most funding this week, with seven deals totaling $100 million. Flashbots received $60 million in funding at a $1 billion valuation in its Series B round, making the project one of four that have raised at unicorn valuations in 2023. Interestingly, Flashbots picked investors based on a reverse pitch format where VCs presented their case for decentralization to win allocation in the round. Flashbots focuses on Maximal Extratable Value (MEV), utilizing their services as block producers on Ethereum to extract value by reordering, including, or excluding transactions within a block. This has become an extremely lucrative business and a key component in the Ethereum ecosystem. Our team covered MEV in depth as part of our Crypto Concepts series.
Funding by Category
Funding by Deal Stage
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WEEKLY RECAP Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its...
WEEKLY RECAP This week’s $113 million in funding was less than half of last week’s $242 million, although the deal count showed a more modest 17% drop to 30 deals. Infrastructure continues to be the most popular investment category. Infrastructure’s $66 million in funding was stapled by Nexus Labs and Nuffle Labs’ $25 million and $13 million respective investment rounds. After tallying a few deals in the previous two weeks,...
WEEKLY RECAP Weekly funding fell by almost 50% to $182 million, while the deal count fell by about a third to 23. The Infrastructure category led both funding and deal count, bolstered by Avail’s $47 million Series A round. CeFi saw $26 million in funding, including XREX’s $18.75 million strategic round with Tether. XREX will use the funding to help facilitate regulatory-compliant cross-border payments using USDT. Gaming had the second...
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