🚀 Crypto Startups Attract $2.7 Billion in Funding
posted 12 Aug 2024
According to a PitchBook report, crypto startups raised $2.7 billion in the second quarter of 2024 across 503 deals. This marks a 2.5% increase from the previous quarter but a 9.8% decrease from the same period last year. Additionally, the deal count fell by 12.5% from the first quarter of 2024.
VC Investments in Crypto Startups by Quarter. Source: Bloomberg
Infrastructure startups led the fundraising efforts once again. For instance, the EVM blockchain project Monad, which offers parallel transactions to enhance scalability, raised $225 million. Applications were just a little behind: Farcaster received $150 million, boosting its valuation to $1 billion.
It is a rebalancing of private investments away from infrastructure to applications,said Tarun Chitra, a partner at Robot Ventures.
Analysts observed that preliminary valuations at early stages have nearly doubled (+97%) compared to the previous year, while late-stage valuations have decreased by a third (-36%). Despite this, they anticipate further growth in investments, as there are no indications of a downturn.
More breaking news
