Crypto Fundraising Rose Over 40% in Q1 2024, Says PitchBook

Startups in the crypto space secured a total of $2.7 billion across 503 deals, according to the Q2 2024 PitchBook report.

Startups in the crypto space secured a total of $2.7 billion across 503 deals in Q2 2024, according to the latest PitchBook report. This marks a 2.5% increase in invested capital compared to Q1 2024, despite a 12.5% drop in deal volume.

The report highlights a growing trend toward larger deal sizes, as investors continue to show confidence in the crypto market despite ongoing regulatory challenges and market volatility.

“The increasing deal value yet lower deal count suggests that deal sizes increased overall during the quarter,” the report notes.

With positive investor sentiment returning to crypto and barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year.

“After a strong start to the year and barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year,” the report adds, hinting at a potentially strong second half of 2024.

Breaking down the latest fundraising numbers

Infrastructure startups led the way in securing the largest funding rounds during Q2 2024, with the biggest hauls going to EigenLayer and Zama.

Among the notable fundraises in the quarter were:

Farcaster, a blockchain-based social media platform, raised $150 million in a Series A round, bringing its post-money valuation to $1 billion.

Chainlink unveiled SCALE, a modular blockchain for decentralized applications, aiming to enhance throughput and developer experience.

CryptoSlate recently covered Farcaster’s launch of “Frames”—a mini application protocol within the decentralized social network that allows users to create interactive applications on Farcaster.

On the broader venture market, the PitchBook report showed that while valuations were up for seed and early-stage investments, they were down for late-stage rounds.

The median pre-money valuation for seed-stage companies rose by 97% from full-year 2023 to reach $23 million, and early-stage valuations surged by 166% to hit $63.8 million.

On the other hand, late-stage valuations declined by 36.0% to reach $40.8 million, reflecting a more cautious approach by investors at later stages of company growth.

Meanwhile, a recent analysis by Techcrunch found that the blockchain sector has been responsible for four of the 38 unicorns that have been minted so far in 2024.

“GM. We are thrilled to be recognized as one of the 4 crypto unicorns in 2024 by BitcoinKE!” tweeted Humanity Protocol in response to the news.

“We’re excited to be in great company with Monad, Farcaster, and EigenLayer. South Africa’s Lulalend Raises $35 Million Series B Round to Expand Its Loan Volume Offerings to SMEs.”

The four crypto unicorns, as reported by TechCrunch, are:

Monad, a decentralized data warehouse that raised $63 million in a Series A round in March.

Farcaster, the blockchain-based social media platform that raised $150 million in a Series A round in April.

EigenLayer, a blockchain infrastructure startup that raised $55 million in a Series A round in July.

Humanity Protocol, a decentralized data marketplace that raised $26 million in a Series A round in August.

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