Solana L2 a Bright Spot in Dim Funding Week

Jun 21, 2024 • 4 Min Read

Weekly Recap

Private funding was suppressed as we enter the summer season, with total funding dropping 43% week-over-week to $66 million and deal count decreasing 52% to 15 deals. Infrastructure still took the top spot from a funding perspective, totaling $31 million across three deals, including Sonic, our Deal of the Week. DeFi tallied the most deals (6) and had the second most funding across categories ($24m). CeFi had its second consecutive week without any deal flow.

Series A rounds continue to impress thus far in 2024, with another two this week totaling $27 million. 2023 saw 94 Series A deals with an average deal size of $17 million. Just about halfway through 2024, there have been 61 Series A rounds averaging about $29 million per deal.

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

Sonic, a gaming-focused Solana L2, raised $12 million in a Series A round led by Bitkraft Ventures, with participation from Galaxy Interactive, Big Brain Holdings, and others. The round was structured as equity with token warrants and valued Sonic at an FDV of $100 million. The new capital brings Sonic’s total funding to $16 million.

Why is This Deal of the Week?

Solana has become a clear favorite among crypto incumbents due to its high through...

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