November 2024: Web3 Fundraising Snapshot
A cheeky peek at pre-seed to Series A crypto projects
Comment from @cheeky_rolo: In last month’s Web3 Fundraising Snapshot I noted that VCs tend to wind down operations in the last two months of the year. Looking back at what I wrote, I feel perhaps this may have been stated somewhat ambiguously. There are two interpretations of this. Wrapping up operations could indicate a busy last months, closing deals that have otherwise dragged out to start the new year with a tidier desk. Alternatively, it could indicate that there are only a few tasks left to be done and indicates a more leisurely approach to work. Data from Carta suggests that November and December are in fact the months where the most deals are closed, a busier time of year than most other months. This, however, is not Web3-specific and the data we do have suggests that Web3 VCs don’t perform this same behaviour of wrapping deals for the end of the year. When looking at figures for November 2024, we certainly don’t see a noticeable increase in deals being closed. I’ll write about this another time. What is observed in November 2024 is no indication that the crypto monetary markets have an immediate effect on early stage startup fundraising. As noted in previous months, there is noticeable delay between BTC ATHs (to give the clearest example) and higher volumes of venture capital funding. November 2024 looks fairly dismal and I imagine it will be a similar case by the end of the year.
Web3 market overview: Companies fundraising at all stages since 2018
November 2024 top line figures:
$2.1bn raised across 106 projects (disclosed), down only marginally from the previous month.
Total deal count was 156, about half to the total deals in October 2024. Based upon this, we can infer that an estimated $3.1bn was fundraised across all stages.
$15.8bn across 1927 projects (disclosed) raised in 2024 so far.
Total deal count is 3033, estimated $25.4bn in capital raised in 2024 so far.
Market highlight of the month:
0G Labs! See Seed Web3 fundraises since 2018 below 👇
Crypto venture capital fund launches since 2022
$215m raised across two fund launches:
Portal VC launches $75m fund: invests in only one founder per category, with a strong emphasis on Bitcoin programmability, DePIN and MEV business models.
Accolade Partners raises $135m across two investment vehicles
Pre-seed Web3 fundraises since 2018
$36m raised across 13 pre-seed stage fundraises (disclosed).
Total deal count was 13, down from 18 in October 2024.
Average around size for pre-seed stage this month: $2.7m.
Running average round size for pre-seed companies: $1.6m pre-seed fundraises since 2018.
Market highlight of the month:
vlayer's $10M pre-seed funding, backed by top VCs and industry builders, is significant for the Web3 ecosystem as it addresses one of its critical challenges: bridging the gap between blockchain and real-world systems with verifiable data. By introducing four groundbreaking Solidity functions — Time Travel, Teleport, zkTLS (Web Proofs), and zkEmail (Email Proofs) — vlayer enhances Ethereum’s functionality, enabling smart contracts to interact seamlessly with both on-chain and off-chain data. Leveraging advanced cryptographic technologies like Zero Knowledge Proofs (ZKPs) and Multi-Party Computations (MPC), vlayer is poised to make dApps more capable, scalable, and impactful, paving the way for broader adoption and real-world utility.
Seed Web3 fundraises since 2018
$189m raised, -11% from the previous month, across 27 seed stage companies (disclosed).
Total deal count was 33, down from 43 in October 2024; estimated $231m in capital raised across all deals.
Average around size for seed stage this month: $7m.
Running average round size for pre-seed companies: $4.6m.
Market highlight of the month:
0G Labs' $290 million funding, comprising a $40 million seed round and a $250 million token purchase commitment, highlights the growing convergence of blockchain and AI, marking a pivotal step for the Web3 ecosystem. By developing a decentralised AI operating system (dAIOS) that combines scalability, privacy, and verifiability, 0G Labs aims to redefine AI as a public good, making it more accessible and censorship-resistant. With groundbreaking infrastructure, including a data availability layer boasting speeds of 50GB/second and a decentralised AI service marketplace, 0G Labs is addressing critical bottlenecks in AI and blockchain integration. This fundraise underscores investor confidence in decentralised AI solutions and positions 0G Labs as a potential leader in the next wave of Web3 innovation.
Series A Web3 fundraises since 2018
$69.5m raised across 6 Series A stage companies (disclosed).
Average around size for Series A stage this month: $11.5m.
Running average round size for Series A companies: $17.5m.
Market highlight of the month:
Monkey Tilt's $30M Series A fundraise highlights the growing convergence of entertainment, gaming, and Web3 technologies, showcasing the potential of crypto-enabled platforms to reshape traditional industries. By integrating multi-currency crypto payment infrastructure, immersive social features, and culturally resonant partnerships with influencers and brands, Monkey Tilt is redefining online gambling as a more interactive and community-driven experience. With its focus on blending traditional casino games, sports betting, and crypto, the platform demonstrates how Web3 can unlock new use cases in entertainment and attract mainstream audiences, further driving adoption of decentralised technologies in culturally relevant ways.