Funding Rebounds to End Q2
Weekly Recap
In the final week of Q2, crypto funding bounced back, rising 64% from $78 million to $128 million, while deal count rose modestly from 18 to 20. The funding total was dominated by Infrastructure, which comprised 88% of the total and also made up 55% of the total deal count. CeFi broke its streak of two weeks with no deal flow with a singular Series A round completed by Crossover Markets, an execution-only crypto exchange. Although DeFi posted four deals this week, they were all for undisclosed amounts.
Funding was concentrated in Series A and Seed stages, contributing 54% and 27% of total funding, respectively. Seed rounds were the most common stage, tallying six deals, while the remainder of deals were relatively evenly distributed across Strategic, Series A, and Pre-Seed stages.
June finished with $509 million in funding across 94 deals, the lowest monthly totals thus far in 2024. Q2 funding and deal count showed 13% and 4% increases compared to Q1. Looking ahead, Q3 totals historically tend to be the lowest of the year, as there is less activity during the summer months.