DeFi Shines to Start August
Weekly Recap
Total funding dropped 17% from $122 million to $101 million, while the deal count fell 36% from 28 to 18. Although totals were muted compared to the prior two weeks, this week had the highest average deal size, at $5.6 million. DeFi was the leading category from both a fundraising and deal flow perspective, raising $57 million across eight deals, including our Deal of the Week, Morpho Labs. Uncharacteristically, Infrastructure projects only garnered $18 million in investment across five deals, one of the lower totals seen in recent months. Deal count was relatively evenly distributed across stages, although Series A and Strategic rounds comprised 70% of total funding. There is still a notable lack of any later-stage funding rounds.
Funding by Category
Funding by Stage
Deal of the Week
Morpho Labs, the development company behind Morpho, a decentralized lending protocol, raised $50 million in a strategic round led by Ribbit Capital, with participation for a16z, Coinbase Ventures, Variant, Pantera, Brevan Howard and other notable names. The funding will be used to expand Morpho’s ecosystem and support grants for contributors and become the most trusted infrastructure across defi.
Why is This Deal of the Week?
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