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 maintained the trend. There were five Series A rounds totaling $91 million, representing 20% of deals and 66% of funding. A notable token sale was completed by the Shiba Inu development team, raising $12 million from investors for rights to future TREAT tokens, which will be the native token of a privacy focused L3 built on top of Shibarium.

Funding by Category

Funding by Stage

Deal of the Week

Movement Labs, a blockchain development company leveraging Facebook’s Move language, raised $38 million in a Series A round led by Polychain Capital. Other investors included Hack VC, Maven 11, Nomad Capital, OKX Ventures, Aptos Labs, and others. Movement Labs is hoping to address blockchain security issues and scalability limitations via its Move-powered ZK L2. The funding will be used to hire top-tier talent across various business functions and enhance product development.