Q3 Funding Recap
Key Takeaways
- Funding Dives in Q3: Q3 saw $1.92 billion in funding across 296 deals, marking quarter-over-quarter decreases of 22% in funding and 23% in deal count. Although QoQ funding activity was down, YoY funding showed a 37% increase.
- Infrastructure Dominates Q3: Infrastructure projects continue to dominate from both a fundraising and deal flow perspective. Infrastructure deals garnered approximately $1.1 billion in fundraising, representing 59% of total quarterly funding and over 3x the next largest category.
- Seed Rounds Represent One-Third of Funding: Seed rounds were the leader in funding and deal count, comprising $559 million across 99 deals, representing 33% of funding and 36% of total deal count. Later-stage funding rounds remain scarce, with only three Series B and one Series D rounds.
- No Unicorns: Only six projects achieved valuations greater than $100 million in Q3, with the largest being Initia, at $350 million. No projects achieved a valuation of over $1 billion, compared to four companies in Q1 and two in Q2.
- Noticeable Subsectors: Three notable trends emerged throughout Q3, including a resurgence in AI-related projects, recognition of the importance of robust data solutions, and Web3 companies looking to disrupt the health and wellness sector.
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Key Slides
Quarterly Funding
Deal Vertical Summary
Deal Stage Summary
Largest Valuations
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