Crypto startups raised more than $25.1 billion in venture funding, according to a report by the Block Research.
Compared to 2020, the new figures represent a 126% increase year-over-year in the number of deals and a 719% increase year-over-year in total funding.
Moreover, as part of the over 1,700 venture deals discovered in the research, at least 65 crypto companies achieved so-called unicorn status – that is, being valued above $1 billion.
Recent unicorn-status funding rounds include FTX, Alchemy, TaxBit and Dune Analytics. Other well-known companies, including Binance and its US-based offshoot, are also said to be raising at multi-billion-dollar valuations.
In a sign of continued maturity, the report found a total of 38 later-stage deals (Series C to E), 78 Series B rounds, and 10 deals involving growth capital for expansion even though earlier rounds saw even more interest.
- Seed and Pre Series A – 968 rounds averaging $3.6 million
- Series A – 226 rounds @ $16.8 million
- Series B – 78 rounds @ $97.4 million
- Later stage – $176.4 million
Later-stage deals in 2021 had an average deal size of $176.4 million and a median of $126.5 million.
Meanwhile, Series B rounds had an average deal size of $97.4 million and a median of $48 million.
The report reveals that series B were popular among WallStreet investors that became newly interested in crypto – often investing in mid to later-stage companies generating revenue.
The popular verticals in series B and late stage investments were in trade/brokerage firms and crypto financia services.
Here is a breakdown of Series B composition:
- Crypto financial services – 23.1%
- Trading/Brokerage – 20.5%
- Infrastructure – 19.2%
- NFTs/Gaming – 16.7%
- Enterprise – 9.0%
- Data/Analytics/Info – 5.1%
- Protocols – 5.1%
- Defi – 1.3%
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