Funding Rebounds from Slow September Start
Weekly Recap
Weekly funding increased 67% from $100 million to $167 million, while the deal count rose a modest 8% from 26 to 28. Infrastructure was the clear winner this week, raising $110 million across 14 deals, representing two-thirds of total funding and half of the total deal count. There were two CeFi deals totaling $9 million in funding, which remains a laggard category, tallying only 55 deals so far this year.
There were 11 Seed rounds announced this week totaling $56 million, including our Deal of the Week, Hemi Labs. Two large-cap layer-1 networks received funding through Strategic rounds. #TON raised $30 million from Foresight Ventures and Bitget, and #APT raised an undisclosed amount, also from Foresight Ventures. Drift, a decentralized trading platform, completed a $25 million Series B round, representing the first Series B round in over four weeks.
Funding by Category
Funding by Stage
Deal of the Week
Hemi Labs, a crypto infrastructure company, raised $15 million in a seed round led by Binance Labs, Breyer Capital, and Big Brain Holdings. Other investors included crypto.com, Gate Ventures, SALT Fund, Sunflower Capital, Hyperchain Capital, and others.
