Funding the Multi-Chain World
Weekly Recap
Funding has fallen to $68 million after a strong week of funding saw teams raise $117 million to start the quarter. The average deal size across both weeks was ~$6 million, and deal count fell from 15 to 12. The largest raise came from crypto prime broker Membrane Labs, which closed $20 million in their Series A round from several noteworthy investors, including Brevan Howard Digital, Point72 Ventures, and others like Jane Street and Two Sigma Ventures. Membrane is an institutional crypto trading and lending platform. Their infrastructure supports clearing, settlement, and workflow management for loans, collateral management, OTC trades, and derivatives. The CeFi market remains an area of opportunity following the collapses of major players like FTX, Celsius, and Genesis. After CeFi, infrastructure saw the second-largest amount raised at $15m. Investors remain focused on interoperability, wallet account abstraction, and native crypto analytics. From a deal stage perspective, deals remain concentrated on Seed and Pre-Seed companies, with two-thirds of deals this week falling into these categories.
Funding by Category
Funding by Deal Stage
Deal of The Week
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WEEKLY RECAP Crypto funding rose 59% week over week from $85 million to $135 million, while deal count held steady at 21 total deals. DeFi was the most funded category from both a fundraising and deal count perspective, raising $70 million across eight deals, including a $14 million strategic round completed by Ethena Labs and led by Dragonfly Capital. Ethena is striving to create a yield-bearing synthetic dollar by leveraging...
WEEKLY RECAP Crypto funding cooled to $85 million this week, the first sub-$100 million week since the start of 2024. Funding was relatively evenly distributed across the DeFi, CeFi, and Infrastructure categories, totaling approximately 85% of the fundraising, while Web3 and Gaming only comprised about 15%. Deal count fell 28% from 29 to 21. DeFi was the most popular category from a deal count perspective, tallying eight deals and representing...
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