Venture capital pours billions into crypto startups
Venture capital investments into crypto startups rose sharply in the first quarter, as funding rose in lockstep with the bull market.
According to Galaxy Research, venture capital firms invested $2.49 billion into blockchain and crypto startups between January and March, an increase of 29%. A total of 603 deals were funded. The capital growth followed three consecutive quarters of decline.
The value of crypto capital raises rose sharply in Q1 2024. Source: Galaxy Research
“This was the first rise in both capital invested and deal count in 3 quarters, perhaps signaling that Q4 2023 was the “bottom,” although a continuation of QoQ increases — and a more meaningful increase — would confirm that over the coming quarters,” the report said.
Infrastructure startups accounted for 24% of the total capital raised, led by EignLayer’s $100 million funding round. Web3 firms captured 31% of the total capital raised.
