VC funds pump $481 million into crypto startups in June
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Key Takeaways Crypto startups received $481 million in VC funding in June, a 38.2% decrease from May. Infrastructure solutions dominated with $331 million, while DeFi and blockchain gaming saw increased investment. Crypto startups got $481 million from venture capital (VC) funds in June, a 38.2% drop compared to the total raised in May. As usual, investments in infrastructure providers dominated the amount raised last month but lost ground to decentralized finance (DeFi) and blockchain gaming. After surpassing $1 billion in funding back in March, when Bitcoin broke its all-time high, the crypto sector saw the money pouring from VCs shrinking with each passing month. Despite a slight quarter-on-quarter 2.6% fall, the total raised in June is 52.8% smaller when compared to March. Of the total raised last month, crypto startups building infrastructure solutions captured over $331 million in investments, representing 69% of all the money received from VCs. The modular blockchain infrastructure Avail was responsible for the most successful funding round in the period, capturing $43 million in a round led by Dragonfly Capital, Founders Fund, and Cyber Fund. Another notable funding round was conducted by M^0, a decentralized money middleware that allows institutions to issue stablecoins, which resulted in $35 million received by names such as Bain Capital, Wintermute, and GSR. Notably, startups building applications for the DeFi ecosystem received nearly $71 million, which is almost 50% more when compared to May. Restaking hub Renzo executed a private funding round that resulted in $17 million allocated by 13 different VC funds. The blockchain gaming sector also saw more interest from venture capital funds, leaping from $27 million to $43 million in funding between May and June. This is a 59% monthly rise, majorly driven by the $20 million strategic allocation that a few VC funds made in The Sandbox.…
Filed under: News - @ July 12, 2024 8:08 pm