The Resurgence of Venture Capital in Crypto and Web3:
A November to Remember
In the dynamic world of Blockchain and Web3, the month of November 2023 marked a significant resurgence in venture capital spending on crypto projects.
This resurgence was fueled by a massive market rally that saw Bitcoin reach a new high for 2023. The crypto markets surged by 25% since the beginning of November, with approximately $340 billion entering the space. This influx of capital has rekindled interest from venture capitalists, who are once again investing heavily in the sector.
According to data from DeFiLlama, crypto venture funding increased by 52% in November from October levels. Web3 firms raised $467.6 million in November, a significant increase from the $307.7 million raised in October. While still lower than bull market highs, November's figure represents the highest level of VC funding in the past six months.
During the market cycle peaks, it was not uncommon to see several billion invested in crypto startups every month. However, the bear market saw monthly figures dwindle to a low of $283 million in August. The recent resurgence is a positive sign for the industry, indicating renewed confidence and interest from investors.
A significant portion of November's venture funding was raised by crypto exchange and wallet provider Blockchain.com. The firm closed a $110 million Series E funding round on November 15, led by UK-based Kingsway Capital, with participation from Lakestar, Lightspeed Venture Partners, and Coinbase Ventures. Other notable raises include cryptography chipmaker Ingonyama with $20 million and regulatory-compliant blockchain investment firm Superstate with $14 million.
Data from CryptoCarp suggests that the total figure for the month could exceed $2 billion in crypto venture capital funding. However, this figure includes debt refinancing and community raises, so it is not strictly venture capital. It also includes a broader range of fintech firms, not just crypto or Web3.
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Sources: DeFiLlama, CryptoCarp, BeInCrypto
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