Weekly Recap

Despite total deal count rising 33% to 36 deals, total fundraising fell almost 40% to $143 million. Only three projects raised over $10 million this week, and the average deal size was $6.5 million. Similarly to last week, funding was concentrated in Infrastructure and DeFi, together representing 95% of total fundraising and 81% of the deal count. CeFi continues to be an unpopular category, with just two deals in the last three weeks.

Seed rounds garnered the lion’s share of funding and deal flow, comprising 38% of fundraising and 19% of deal count. Seed rounds have been the dominant deal stage in 2024 thus far, with a significant lack of mid-to-late-stage deals. There have been zero series C+ in 2024 and just two series B rounds. It will be interesting to monitor if this trend reverses in the second half of the year as companies mature and see more substantial adoption.

Funding by Category

Funding by Deal Stage

Deal of the Week

Avail, a Web3 infrastructure layer, raised $27 million in a seed round led by Dragonfly Capital and Peter Thiel’s Founders Fund. Other investor participation included SevenX, Figment, and Nomad Capital. Avail initially launched in 2020 under Polygon Labs before spinning off on its own and is led by former Polygon executives Anurag Arjun and Pra...