By Cheeky Rolo
Compiled by: TechFlow
Market Overview: Financing Dynamics of Companies at Each Stage Since 2018
Source: Messari, funding of projects at various stages from January 2018 to August 2024
Note: Disclosed and total deal count: About 25% of projects did not disclose basic information such as the amount of funds raised. “Deal count (total)” includes both disclosed and undisclosed projects.
Key figures for August 2024:
In August 2024, a total of 118 projects (disclosed) raised $1.4 billion, down 4% from the previous month.
Total deals were 182, also down 4%, raising an estimated $2.1 billion.
So far in 2024, 1,485 projects (disclosed) have raised a total of $10.3 billion.
The total number of deals is 2,225, with an estimated $15.4 billion raised so far in 2024.
Market highlights this month:
Story Protocol successfully raised $80 million in Series B funding, led by Andreessen Horowitz. Story Protocol solves the key issues of intellectual property protection and monetization in the AI era through blockchain technology. It allows creators to embed licensing and royalty terms directly into their intellectual property, ensuring that AI systems are compensated accordingly when using their content. This transparent, programmable and decentralized solution provides an important infrastructure for protecting original content. This move not only promotes technological innovation in Web3, but also provides effective solutions to real-world problems in the creative industry.
Crypto VC Funds Established Since 2022
Since January 2022, crypto funds focusing on early-stage Web3 startups have been established
August 2024:
Five funds raised a total of $260 million:
Pre-seed funding since 2018
Parafi has launched a new $120 million fund with plans to invest in 30 to 50 projects over three to five years.
Lemniscap launches $70M fund focused on ZK infrastructure, consumer applications, Bitcoin ecosystem, security, and DePIN.
The Open Network Ventures has launched a $40 million fund to support early-stage crypto projects within the TON ecosystem.
Morph and Foresight Ventures launch $20 million ecosystem fund with a focus on consumers.
OKX CVC and Aptos launch $10 million Web3 and crypto fund
Source: Messari, pre-seed funding from January 2018 to August 2024
August 2024:
A total of $38 million was raised, up 3% from the previous month, across 14 disclosed pre-seed stage companies.
The total number of deals was 20, a 30% decrease; all deals were expected to raise a total of $49 million.
The average pre-seed round size this month was about $2.7 million.
Since 2018, the average round size for pre-seed companies has been $1.5 million.
Pre-seed financing highlights this month:
SatLayer recently raised $8 million in a pre-seed funding round. The project introduces Bitcoin restaking capabilities for decentralized applications, allowing Bitcoin to play a greater role in securing decentralized networks. By adopting the Babylon protocol, SatLayer connects Bitcoin to the Proof of Stake system, improving security and providing new yield opportunities for Bitcoin holders. This development highlights the growing demand for Bitcoin as a core collateral asset in Web3, which may bring more liquidity and security to decentralized infrastructure, and also demonstrates investors' confidence in DeFi innovation based on Bitcoin.
Seed funding since 2018
Source: Messari, Seed funding from January 2018 to August 2024
August 2024:
46 seed-stage companies raised a total of $237 million (disclosed).
The total number of transactions is 50, with an estimated fundraising of US$258 million.
The average seed-stage round size this month was about $5.1 million.
The average round size for pre-seed companies was $4.5 million. Seed round highlights this month:
WSPN recently raised $30 million in a seed funding round to accelerate the development of its next-generation stablecoin infrastructure, "Stablecoin 2.0". By introducing user-oriented governance, enhanced accessibility, and a decentralized payment network similar to Visa, WSPN addresses the current stablecoin market's concentration and limited use. This investment, along with the addition of industry veteran John Partridge, enables WSPN to redefine the application of stablecoins in the broader payment and financial system, drive mainstream adoption, and strengthen the foundation of the Web3 digital economy.
Series A funding since 2018
Source: Messari, Series A funding from January 2018 to August 2024
August 2024:
14 Series A companies raised a total of $237 million (disclosed).
The total number of transactions is 15, with an estimated fundraising of US$253 million.
The average Series A round size this month was approximately $16.9 million.
The average round size for Series A companies was $17.6 million. This month’s Series A highlights:
WSPN recently raised $55 million to further develop its automated risk management tools to solve key challenges in DeFi. WSPN's platform helps DeFi protocols such as Aave and GMX respond to market fluctuations more efficiently and safely through real-time on-chain economic security and risk assessment, reducing human error and centralization risks. As DeFi continues to develop and attract more capital, the need for powerful automated systems like WSPN becomes critical to protect user funds and maintain trust in the decentralized financial market.
