Q1 2024 Funding Report
Key Takeaways
- Resurgence in Activity: The crypto industry saw over $2.3 billion in private funding across 367 deals, marking a significant increase in activity and the first time total funding has surpassed $2 billion since Q2 of 2023.
- Focus on Infrastructure: Infrastructure remained the most popular investment category, attracting nearly $1.1 billion across 141 deals, reflecting ongoing industry efforts to enhance scalability and user experience.
- Selective Investment in CeFi: CeFi saw fewer but larger deals, suggesting a cautious but targeted investment approach in the wake of previous industry setbacks.
- Growth in Series A Rounds: There was a notable uptick in Series A funding, with $640 million raised across 30 deals, showing many projects that began with seed rounds in 2023 advancing to more substantial funding stages.
- Valuations Growing: Q1 had multiple deals with notable valuations. Berachain, HashKey Group, Polyhedra Network, and io.net all achieved unicorn status with valuations of $1 billion or greater.
Click HERE to download the full report.
Key Slides from this Report
Quarterly Funding (Slide 4)
Q1 Overview (Slide 5)
Deal Vertical Summary (Slide 7)
Deal Stage Summary (Slide 8)
Reports you may have missed
Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powellâs comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose....
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC -4.59% now testing $60k, ETH -1.58% just below $3k, and SOL 4.54% dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this...
Investors will have a lot to digest this week, including various data releases such as consumer confidence, ADP Employment, JOLTS, and non-farm payrolls. Likely more important is the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA), both set for Wednesday. Equities are gaining to start the week with the $SPY and $QQQ both up approximately 0.30% as the DXY 0.00% (-0.44%) slides after the BOJ intervened to support the Yen against the dollar. Crypto assets are struggling so...
