Weekly Recap

Crypto funding continued to show strength through the first half of March, with $252 million in total funding across 38 deals, marking a 41% week-over-week funding increase. The infrastructure category represented approximately two-thirds of funding and almost half of total deal count, including a $69 million undisclosed round from Berachain, an EVM-compatible L1 network powered by proof-of-liquidity. The round was co-led by large TradFi asset manager Brevan Howard and Framework Ventures, who valued Berachain at $1.5 billion. Berachain was one of two companies that earned unicorn status, as Polyhedra Network was valued at $1 billion. Elixir was not far off, obtaining a valuation of $800 million, rounding out an impressive week for private market valuations. Only eight deals in 2023 valued companies at $800 million or greater, and 2024 has amassed six before the end of the first quarter.

Funding by Category

Funding by Deal Stage

Deal of the Week

Elixir, a modular DPoS network built to power liquidity across order-book exchanges, raised $8 million through a series B round led by Mysten Labs (Sui) and Maelstrom (Arthur Hayes family office). Other investors included GSR, Flowdesk, Manifold, and Amber Group. The deal brings Elixir’s valuation near unicorn status, valuing th...