Methodologyįor Web3 funding numbers we analyze investments made into VC-backed startups in both cryptocurrency and blockchain.CloudApp was founded in 2016 by Tyler Koblasa and Scott Smith, with its main office located in San Francisco. Whether that’s enough to bring more venture dollars back to the space - only time will tell. Undoubtedly the industry is still reeling from the dramatic collapse of FTX, as well as several other crypto lenders, and even some of the banking issues that rattled the economy in general. Companies like Chain Reaction, Miami-based QuickNode, Seattle-based EigenLayer and others, all raised significant rounds in the past quarter.ĭespite rocky economic times, both bitcoin and ether showed impressive resilience last quarter -up more than 80% and 70% in price, respectively, since the beginning of the year. Instead of pouring big money into the next exchange or lender, VCs seem to be concentrating on blockchain infrastructure players to help build the foundation for Web3. There also appear to be small sub sectors that are seeing renewed interest in the space. Web3 no doubt has been more affected by the dip since in uncertain times investors seek out industries they know best - such as cybersecurity or SaaS, not the promise of the next iteration of the internet. However, as pointed out before, venture funding is down in almost every sector. Of course, the easy conclusion is that Web3 is over and it’s time to cash out of crypto. The story is similar for blockchain startups, which raised about $1.2 billion in Q1 - the lowest total since such startups saw $820 million in Q4 2020. VC-backed startups saw just more than $800 million invested - the lowest total since more than $600 million was invested in Q1 2020. Last quarter, both of those sectors individually experienced their lowest ebb in years.
#CLOUDAPP CRUNCHBASE SERIES#
Israel-based Chain Reaction, a semiconductor startup focused on blockchain and privacy technologies, raised a $70 million Series C.įor our purposes here, we define Web3 as startups in either (or both) the crypto or blockchain sectors.France-based crypto hardware maker Ledger added another $108 million to its previously announced $380 million Series C at its same $1.4 billion valuation.Vancouver-based Blockstream, which provides blockchain technology solutions for financial markets, raised $125 million in a convertible note and secured loan financing.
The biggest rounds of the quarter include:
The most recently completed quarter saw only two rounds hit the nine-figure mark, as VCs have hit the brakes on spending big in the space. That included massive raises of $400 million or more by ConsenSys and Polygon Technology, as well as - of course - FTX and its U.S. In Q1 2022, VC-backed startups raised 29 rounds of more than $100 million. Perhaps nothing illustrates the differences between the first quarter of last year and the first quarter of the current one in terms of funding to Web3 startups more than the dramatic fall of big rounds. The total number of deals is the lowest since Q4 2020. Deal flow also continued its pronounced drop, as only 333 deals were completed in the first quarter - down from 369 in the previous quarter and a sharp drop from the more than 500 announced in Q1 2022.
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