“From the Top” is an ongoing series from the Portfolio Fundraising Team, providing research and insights into the Web3/crypto fundraising market
For those of you that are busy, here’s a snapshot of a snapshot:
“From the Top” is an ongoing series from the Portfolio Fundraising Team, providing research and insights into the Web3/crypto fundraising market
For those of you that are busy, here’s a snapshot of a snapshot:
- There were 36 Pre-Seed to Series A fundraising deals, which represents a decrease from last month’s 50 deals
- In terms of capital volume, the total amount decreased from $323M in April to $276M in May, amounting to a 14.5% decrease since last month
- In terms of month-on-month changes, DeFi deals saw the largest % increase, from 12.2% in April to over 23% in May
- In May, one project stood out amongst the rest: Auradine
- Auradine, which is building breakthrough software, hardware and service solutions for blockchains, security and privacy, raised $81M in their Series A, with investors including Mayfield, Celesta Capital, DCVC, Cota Capital, Marathon Capital and Stanford University
- Infrastructure deals experience the largest drop in month-on-month % of funding rounds, dropping from almost 29% in April to 20% in May
- In May, one project stood out amongst the rest: Auradine
- When looking at the fund landscape, Messari data shows that 2 funds raised a cumulative amount of $55.5M in May
- The largest fund raise came from Wormhole, the cross-chain messaging protocol, which launched a $50M fund to help startups that use the protocol
- The fund is managed by Borderless Capital and backed by VCs such as Circle, Polygon Ventures and Jump Crypto
- The largest fund raise came from Wormhole, the cross-chain messaging protocol, which launched a $50M fund to help startups that use the protocol
- The most active early-stage investors in May were NGC Ventures, Polygon Fund, Animoca Brands and Coinbase Ventures
- There were 27 noteworthy ICOs this month, with the largest being in the area of blockchain services, infrastructure and GameFi
- The largest was the Hypercycle ICO, which raised $7.18M
- Hypercycle is a platform that is creating a crucial component to enable quick and secure transactions between AI machines
- The second largest ICO in May was Bware Labs, token name INFRA, which raised $6.89M
- Their goal to create a development and infrastructure ecosystem to support Web3 builders throughout their entire Web3 journey
- Finally, largest GameFi ICO was Magic Blocks, token name MBLK, which raised $5.20M with a focus on decentralising value transfer for all participants in the open world gaming environment
- The largest was the Hypercycle ICO, which raised $7.18M
