CeFi Resurgence
Weekly Recap
Total funding surged to $383 million this week, more than tripling last week’s total. The majority came from three CeFi deals: Blockchain.com, Fnality International (DotW), and BC Technology Group. They all completed funding rounds of approximately $100 million, making up three of the ten largest deals this year. Infrastructure was the most popular category from a deal count perspective, tallying 10 deals, while the remaining deals were relatively evenly distributed across other categories.
Total deal count rose to 27 this week, with early-stage deals remaining the most common with pre-seed and seed rounds totaling seven deals each. Although pre-seed and seed deals were the most common, they only comprised 11% of the total funding amount. This week marked the first Series E deal of the year, with Blockchain.com completing a $110 million round. It will be interesting to watch if late-stage deals see more activity as private market demand rebounds.
A notable M&A transaction occurred this week with Foresight Ventures acquiring a majority stake in crypto news and data provider, The Block, valuing them at $70 million. Most of the capital was used to buy out former CEO Mike McCaffrey’s stake, who resigned in 2022 after taking millions in loans from SBF.
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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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