6 months ago
21 ARTICLE AD
The infrastructure sector maintains its dominance, with 62% of all capital directed to crypto startups being absorbed by it.
Crypto startups raised $2.17 billion from venture capital (VC) funds in the first quarter of 2024, according to data from DefiLlama. The VC flow into crypto projects reached $1 billion in March, the largest monthly fundraising since October 2022. However, the amount is still 3% lower than the $2,25 billion raised in 2023’s Q1.
Infrastructure investments dominated Q1, with $1.35 billion destined for projects aimed at building frameworks for crypto, representing 62% of all fundraising done in this period. March saw the most capital applied in this sector by VCs, with over $655 million allocated to infrastructure projects.
Crypto startup Zama made the largest funding round in March, with $73 million raised to give developers tools to tackle data privacy challenges across blockchain and artificial intelligence (AI) use cases. Zama is an open-source cryptography company building Fully Homomorphic Encryption (FHE) solutions.
Decentralized finance (DeFi) projects also gathered attention from VCs resulting in $107 million raised in March, which is more than the $95 million raised between January and February.
Figure Markets, a parent company of fintech Figure Technologies, received $60 million from funds like Jump Crypto and Pantera Capital to deploy a decentralized exchange (DEX). This is the largest DeFi-related funding round of the entire Q1.
Web3 applications fell off considerably in March, with just $3 million received from VCs in two different funding rounds, and reaching $50 million captured in Q1.
On the other hand, the blockchain gaming sector amassed $83 million in total investments in March, surpassing the $72 million received between 2024’s first two months. The largest funding round in March was conducted by blockchain gaming studio Gunzilla Games, which received $30 million to build its battle royale title.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
