Crypto Hardware Has Room for Improvement
March Recap
March showed declines in private funding activity and represented the lowest monthly total for the first quarter. Total funding fell 16% from February’s $1 billion to $840 million, while total deal count dropped 9% from 116 to 106. Infrastructure was the leading category, representing 50% of funding and 42% of all deals. There have been more CeFi deals to start 2025, with 25 through the first quarter compared to 73 for all of 2024. CeFi was the second most funded category in March, which included Mesh’s $82 million Extended Series B round, the largest deal in March. Web3 and Gaming deals continue to underperform, with the two categories collectively representing 13% of funding and 20% of deal flow.
Funding was relatively evenly distributed across deal stages, with four out of six deal stages (not including undisclosed) totaling more than $100 million in funding. Series A was the most funded category, totaling $178 million across 10 deals. Pre-Seed and Strategic rounds lagged from a funding perspective, representing 3% and 7% of total funding, respectively, but they accounted for larger percentages of total deal count at 16% and 19%.