Three Weeks of Triple-Digit Fundraising
Weekly Recap
This week marked the third consecutive week of total funding over $100 million. This week’s total rose to $136 million compared to last week’s $119 million. A trend has developed of projects beginning to emerge from stealth development and announcing their product updates or new fundraises. Projects may be seeing light at the end of the tunnel of this bear market and think it is the right time to emerge.
Infrastructure was the most popular category this week, comprising 47% of the total funding amount and 44% of the deal count. CeFi has seen a notable uptick in recent weeks, totaling $22 million this week across two deals. Investors may be moving on from the woes of previous CeFi blowups and beginning to allocate to the sector again.
From a deal stage perspective, fundraising was highly concentrated in Seed deals, which made up two-thirds of the total funding. Proof of Play (deal of the week) raised $33 million in a Seed deal, the second-largest Seed investment this year. Overall, the last three weeks of funding data paint a rosier picture of the space heading into Q4.
Funding by Category
Funding by Deal Stage
Deal of the Week
Proof of Play, a blockchain gaming and infrastructure company, raised $33 million in a Seed round le...Reports you haven't read
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...
WEEKLY RECAP Total funding fell 29% week-over-week from $221 million to $158 million, while deal count rose about 14% from 22 to 25. This week marks the third consecutive week with triple-digit total funding and over 20 deals, potentially signaling increasing appetite in the private market. Infrastructure and CeFi were the leading categories, raising $76 million and $50 million, respectively. CeFi deals struggled in 2023 but have been a strong...
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