Crypto VC Investments Continue to Take a Hit, Drop Another 10% MoM
There has been a significant decline in publicly disclosed investment projects by crypto venture capitalists (VCs) during the month of October.
Data from RootData indicate a 10% month-on-month decrease, with only 75 investment projects recorded compared to 83 projects in September 2023, as reported by Chinese reporter Wu Blockchain.
This also marks a substantial year-on-year decrease of 45% when compared to the 135 projects reported in October 2022.
The report mentioned that these statistics may experience future revisions as not all financing is immediately announced.
Meanwhile, in terms of investment allocation, infrastructure projects accounted for approximately 24% of the financing, followed by decentralized finance (DeFi) at 21%, centralized finance (CeFi) at 9%, and non-fungible tokens/GameFi at 13%.
In terms of total financing amount, October witnessed a decline of 20% compared to the previous month, with a total of $430 million invested.
This is in stark contrast to the $530 million recorded in September 2023.
Moreover, the year-on-year decrease is even more pronounced, plummeting by a staggering 63% from the $1.15 billion invested in October 2022.
Despite the overall decline, there were still notable funding rounds exceeding $12 million.
Blockaid, a web3 security development company, secured $33 million in financing through a seed round involving prominent investors such as Sequoia Capital, Greylock Partners, and Cyberstarts.
As reported, Blockaid has teamed up with MetaMask to introduce a new feature aimed at bolstering user security.
Another standout funding round involved Blackbird, a provider of loyalty and connectivity tools for restaurants, which completed a $24 million Series A financing round led by a16z.
SynFutu
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