Crypto Projects Raise $1.11 Billion in February Funding
In February, venture capital funding in the crypto sector totaled $1.11 billion across 137 companies, a decrease from January's $1.57 billion raised by 132 companies.
Key points include:
- DeFi led fundraising with 20 companies raising approximately $175 million.
- Notable raises included Bitwise with $70 million and Raise with $63 million for blockchain-based gift cards.
- Compared to January, smaller rounds were observed; Phantom and Movement Labs raised $150 million and $100 million respectively.
- The average deal size fell to $9 million, slightly higher at $10 million on February's last day.
- Despite a bullish environment, there is caution regarding the trend due to fewer larger deals compared to December 2022.
- Crypto VC activity peaked at $23 billion in 2022.
Overall, while the number of companies raising funds increased, the total amount decreased, indicating a potential shift in investor sentiment or market conditions.