October 2024 Crypto Fundraising Report

Key Insights

• October 2024 saw a 96% month-over-month increase in deal volume to $1.76 billion, marking the highest level since November 2023. Deal count rose 25% to 282.
• Early-stage deal volume grew 18% MoM to approximately $396 million, with notable investments across gaming, decentralized privacy, rollups, and perp DEXs, including Azra Games’ $42.7 million Series A, led by Pantera Capital.
• The services sector led with $567 million raised, largely as a result of Praxis’s outsized $525 million financing. It was followed by the financial sector at $259 million, which included Kraken’s $100 million token grant from Optimism, and infrastructure at $92 million which included DePIN protocols’ Glow and GEODNET.
• Animoca Brands led deal activity with nine investments, diversifying into sectors such as developer tooling, AI, and scalability solutions, signaling a shift from their traditional gaming focus.

In October 2024, deal volume increased ~96% MoM to $1.76 billion, marking the highest level since November 2023. Deal count increased ~25% MoM to 282. Notably, the month featured two substantial debt raises by mining companies Blockstream and Marathon Digital, collectively amounting to $410 million. When excluding mining operation raises from the analysis, deal volume increased ~51% MoM. The services sector led the month in deal volume, raising $567 million primarily due to a $525 million raise by Praxis. The financial sector came in second, raising $259 million, followed by the infrastructure sector, which raised $92 million, excluding the two mining operation financings.