Original title: August 2024 Snapshot
Original author: Cheeky Rolo
Original translation: 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: Disclosure and total number of deals: About 25% of the projects did not disclose basic information such as the amount of funds raised. "Number of deals (total)" includes both disclosed and undisclosed projects.
Key figures for August 2024:
In August 2024, 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.
· 1,485 projects (disclosed) raised $10.3 billion so far in 2024.
· Total deal count was 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 Web3 startups have been established
In August 2024, 5 funds raised a total of $260 million:
· Parafi launched a new $120 million fund with plans to invest in 30 to 50 projects over 3 to 5 years.
Lemniscap launches $70M fund focused on ZK infrastructure, consumer applications, Bitcoin ecosystem, security, and DePIN.
The Open Network Ventures 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
Pre-seed funding since 2018
Source: Messari, pre-seed funding from January 2018 to August 2024
August 2024:
$38 million raised, up 3% from the previous month, across 14 disclosed pre-seed companies.
Total deal count was 20, a 30% decrease; estimated $49 million raised across all deals.
The average pre-seed round size this month was about $2.7 million.
The average round size for pre-seed companies since 2018 is $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 deals is 50, with an estimated $258 million raised.
The average seed-stage round size this month was approximately $5.1 million.
The average round size for pre-seed companies is $4.5 million.
Seed financing 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 solves the current problems of stablecoin market concentration and limited use. This investment, as well as 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 $237M (disclosed).
· The total number of deals is 15, with an estimated $253 million in funding raised.
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.
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