Spotlight on Security

Mar 7, 2025 • 5 Min Read

Monthly Recap

February showed a modest increase in funding amount and deal count compared to January. Total funding rose 7% to $1 billion, and deal count increased 8% to 116 deals. Infrastructure was the leading category, with $388 million raised across 58 deals. CeFi has had its third consecutive month of nine-figure investment with less than 10 deals. The largest raise in February was a $200 million undisclosed round completed by Figure (CeFi), a consumer lending company founded by former SoFi executive Mike Cagney. Most of Figure’s business is via traditional consumer lending products, but they have a growing crypto product allowing users to borrow against their Bitcoin or Ethereum holdings. Hype surrounding Web3 and Gaming companies has faded in recent months, with both categories collectively comprising 8% of total funding in the last three months. From a deal stage standpoint, trends have been relatively consistent over the previous three months. Seed rounds continue to be the most popular, comprising 11% of funding and 25% of deal count.

Funding by Category

The chart in this report is only accessible to members
The chart in this report is only accessible to members

Funding by Stage

The chart in this report is only accessible to members
The chart in this report is only accessible to members

Deal of the Month

Blockaid, a crypto security firm, raised $50 million in a Series B round led by Ribbit Capital, with participation from...

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