New CeFi Entities Emerging

May 10, 2024 • 4 Min Read

Weekly Recap

Total funding rose 58% this week from $128 million to $203 million, while total deals ticked up to 29 compared to last week’s 26. Infrastructure was the dominant category, representing 64% of funding and 55% of deal count. There were five CeFi deals this week (including our DotW), one of the higher totals for the category in recent weeks. Seed rounds amassed a staggering $92 million in funding across 13 deals, with an average deal size of $7.1 million. For comparison, the average deal size across all 2023 Seed rounds was $5.6 million, potentially signaling increased appetite for early-stage projects. The $60 million in the Token Sale category came from a new fundraising method known as “node sales,” where projects auction off licenses to run network nodes in exchange for discounted future tokens, increasing network participation and generating capital. 

Funding by Category

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The chart in this report is only accessible to members

Funding by Stage

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The chart in this report is only accessible to members

Deal of the Week

Arbelos Markets, a crypto market maker, raised $28 million through seed equity and debt financing led by Dragonfly Capital. Other investors included Paxos, Circle Ventures, P2 Ventures, and others. Arbelos provides market liquidity and OTC trading, focusing on transparency through its proprietary Transparency Engine, provid...

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