Funding Activity Slows in Last Week of Summer
Weekly Recap
In the final week of summer, crypto funding activity diminished. Total weekly funding fell to $16 million from $24 million the previous week. Deal count fell 25% to just 9 deals. Of the nine deals, both DeFi and Web3 & NFTs notched four deals. The Web3 & NFTs deals were slightly larger, totaling $9 million in investment compared to DeFi’s $5 million. A noticeable trend in the last month has been the popularity of deals in the Web3 space as blockchain-oriented social media sites like Friend.tech have taken the spotlight.
To no surprise, Seed rounds were the investment choice for venture capitalists. Nearly half the deals this week were Seed investments, totaling almost 70% of the total funding amount. There was one Pre-Seed round by Tako Protocol, raising $2 million. Tako Protocol is building an open social recommendation layer to recommend, advertise, and curate on Web3 Social. It will be interesting to see if funding activity picks up after Labor Day and finishes the year on a strong note.
Funding by Category
Funding by Deal Stage
Deal of the Week
Stroom Network, a bitcoin liquid staking protocol, raised $3.5 million in an oversubscribed Seed round led by Greenfield. Other investors included Mission Street, Lemniscap, No ...Reports you may have missed
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