Spotlight on Security
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.