Web3 Startups Secure $9.6 Billion in Venture Funding in Q2 2025

Web3 startups raised $9.6 billion in venture funding in Q2 2025, marking the second-largest quarter on record despite a drop in the number of deals to 306, the lowest since mid-2023. Key points include:

Investors are focusing on fewer projects, indicating market maturation.
Median deal size increased across all stages, reflecting a shift towards strategic investment.
Series A funding rebounded with a median size of $17.6 million and 27 deals totaling $420 million.
Seed funding also improved, achieving a median size of $6.6 million.
Private token sales raised $410 million across 15 deals, while public token sales fell 83% to $134 million.
Sectors like cryptocurrency infrastructure, mining, and compute networks saw larger rounds, with medians between $70 million and $112 million.
Consumer-facing sectors lagged behind in funding.

According to Outlier Ventures, capital is increasingly consolidating around foundational infrastructure projects deemed essential for Web3's future growth.