Pro
Crypto Fundraising Brief November 2023
Key Insights
- November saw a spike to $1.75 billion in deal volume on the back of two large BTC miner deals, including Northern Data’s $612 million Debt Financing deal and Phoenix Group’s $370 million fundraise via IPO.
- Miners comprised 90% of deals in the Infrastructure sector, while Exchanges and Payments projects made up ~75% of deals in the Financial sector.
- Interest in pre-seed and seed deals remained relatively constant, indicating a lack (so far) of follow-on effect from the public market rally into private market deals.
- Outside of Bitcoin miners, notable deals included Blockchain.com’s (exchange) Series E, Ritual (decentralized AI), Privy (wallet-as-a-service), and Drift’s (perps on Solana) Series As, as well as Fnality International’s Series B.
Deal Trends
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Mentioned Assets