VC funds inject $481 million into crypto startups in June
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Crypto startups received $481 million in VC funding in June, a 38.2% decrease from May. Infrastructure solutions dominated at $331 million, while DeFi and blockchain gaming saw an increase in investment.
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Crypto startups received $481 million from venture capital (VC) funds in June, a 38.2% decrease from the total raised in May. As usual, investments in infrastructure providers dominated last month's fundraising but lost due to decentralized finance (DeFi) and blockchain plays.
After releasing $1 billion in funding in March, when Bitcoin broke its all-time high, the crypto sector has seen the flow of money from VCs drop every month. Despite a slight quarter-on-quarter drop of 2.6%, totals collected in June were 52.8% lower compared to March.
From the total amount of crypto startups raised last month, infrastructure solutions received more than $331 million in investments, representing 69% of the funds received from VCs. Modular blockchain infrastructure Avial has secured $43 million in successful funding at the time, led by Dragonfly Capital, Founders Fund and Cyber Fund.
Another notable funding round was M^0, a decentralized financial middleware that allows institutions to issue stablecoins, which raised $35 million from names like Bain Capital, Wintermute, and GSR.
Specifically, startups in the Diffie ecosystem received nearly $71 million in funding, up 50% from May. Restaking hub Renzo has raised $17 million in private funding that has been distributed across 13 different VC funds.
The blockchain gaming sector saw more interest from venture capital funds, jumping from $27 million to $43 million in funding between May and June. That's a 59% month-over-month increase, mainly due to the strategic allocation of $20 million by a few VC funds in The Sandbox.
Investments in Web3-wide applications fell 32%, totaling $32.8 million, after a 153% increase in May. BondX, a platform focused on the Web3 professional network, has raised a total of $10.5 million after completing a public token sale and private investment round.
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