VC Funding In Web3 Plummets 76%
According to a new Crunchbase study, Web3 funding from venture capital (VC) funds fell 76% in the second quarter compared to the same period last year.
Web3 startups raised about $16 billion in the first half of 2022, but this year’s fundraises reached only $3.6 billion, a 78% decrease.
While overall VC spending has slowed, with Crunchbase reporting an 18% dip across all industries in the second quarter of 2023, crypto-related funding has declined far more sharply. Meanwhile, AI businesses have become the new shiny object for investors, with $25 billion in funding expected in the first half of 2023.
However, In the first half of 2023, significant funding rounds were held, with OpenAI CEO Sam Altman’s Worldcoin project raising $115 million in a Series C round led by Blockchain Capital. LayerZero raised $120 million, backed by Andreessen Horowitz and Christie’s.
(With inputs from Shikha Singh)
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