The cryptocurrency fundraising scene in Q3 2023 reflects the persistent challenges faced by the industry amidst the prolonged bear market. This report explores the latest data, shedding light on the unique strategies employed by investors and the sectors that continue to capture attention despite the prevailing market conditions. With total funds raised amounting to just under $2.1 billion across 297 deals, a 36% decrease from the previous quarter, and a 47% decrease from the Q3 of 2022, insights into the state of crypto fundraising emerge.

Number of Deals

As we can see one more important indicator that reflects the level of transactional activity on the market also shows bearish signs. In Q3,2023 we recorded 297 deals. It's a 34% decrease from Q2, 2022, and 51% decrease from Q3,2022.

A majority of the investor activity in Q3 came from a diverse range of long-tail investors. Outlier Ventures and Binance Labs emerged as the most active investors with 23 and 22 deals respectively. The third place has been taken by Robot Ventures, which made half as many deals as the top two. Among others, you may recognize famous names such as Coinbase, Polygon, and Animoca Brands.

Conclusion:

The cryptocurrency fundraising landscape in Q3 2023 reflects the resilience of the industry in the face of ongoing bear market challenges. Although the overall funding amounts and deal counts experienced a decline, early-stage rounds, strategic investments, and interest in key sectors have remained steadfast. The dominance of chain infrastructure, DeFi, gaming, and services sectors underscores their consistent appeal to investors. The shift towards infrastructure projects highlights the importance of successful user-facing applications to drive desired returns. As the crypto industry continues to evolve, navigating the bear market presents both challenges and opportunities for forward-thinking investors and projects.