August 2024 Crypto Fundraising Report

Key Insights

• Fundraising volume dropped 4.1% MoM to $1.39 billion, cooling slightly after a 72.9% surge from June to July. Deal count also declined by 4.2% to 181, continuing its multi-month downtrend.
• In contrast, early-stage deal volume rose 17.3% MoM, with pre-seed to Series A deals totaling $512 million. Notable deals included MetaDAO’s $2.2 million private token sale, time.fun’s $3 million seed round, and zk.Me’s $4 million seed round.
• Core Scientific’s $400 million convertible senior note offering adds to a trend of miners raising funds to stay competitive amid rising energy costs and compressed margins.
• The financial sector raised $318 million, with major rounds from Morpho, Ledn, and Arch accounting for 53% of the sector's total fundraising volume.

Note: In an effort to more accurately reflect sector fundraising, we have chosen to exclude mining rounds from the broader infrastructure sector and address trends within the mining sector separately.