Funding Surges on The Back of EigenLayer
Weekly Recap
Crypto funding surged 72% to $234 million from $136 million, while deal count rose 14% to 25 deals. Infrastructure was the clear winner this week, largely due to Eigen Labs' $100 million fundraising round led by Andreessen Horowitz (DotW). The $100 million round is tied for the largest deal in 2024. For three consecutive weeks, funding and deal counts have primarily been concentrated in Infrastructure and DeFi deals, which is interesting considering DeFi was one of the least funded categories throughout 2023. DeFi projects raised $17 million across seven deals, representing 7% of total funding and 28% of the deal count. Of the disclosed deal stages, seed rounds accounted for the largest portion of fundraising and deal count, at 17% and 36%, respectively.
Funding by Category
Funding by Deal Stage
Deal of the Week
Eigen Labs, the development company behind EigenLayer, raised $100 million from a16z in an undisclosed round. The deal is tied with Hashkey Group for the largest fundraise of 2024. EigenLayer is an Ethereum restaking protocol, allowing staked Ether to be reused to secure other protocols or networks.
Why is This Deal of the Week?
Restaking is a new crypto primitive that has the potential to supercharge the crypto ecosystem...Reports you may have missed
WEEKLY RECAP Crypto funding was relatively unchanged week-over-week, with a 4% decrease to $138 million, while deal count saw a larger decrease, falling 29% to 25 deals. Infrastructure deals comprised 73% of total funding and Web3 and Gaming combined for 26%, with remaining categories making up the last 1%. As highlighted in our Q1 Funding Report, Series A funding has been a standout deal stage this year, and this week...
WEEKLY RECAP Crypto funding rose 92% from $213 million to $410 million, one of the highest weekly totals in months. The majority of funding came from two deals: Monad’s $225 million round (DotW) and Auradine’s $80 million Series B round, the first mining deal of 2024. Auradine’s Teraflux family of Bitcoin ASIC miners has set new performance and energy efficiency benchmarks and has shown robust field performance, which has helped...
WEEKLY RECAP Funding fell 27% from $282 million last week to $206 million this week across 34 deals. Triple-digit funding seems to be the new normal, as there has been a notable uptick in the private market in recent weeks. Despite the overall increase in activity, there has been a lack of CeFi-related projects in recent weeks, with just one deal in each of the last two weeks. Agora was the singular...
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