According to RootData statistics, 97 publicly disclosed crypto VC investments occurred in September, representing a 12.6% decrease from August’s 111 rounds.
September’s total fundraising amount reached $607 million, a 22% drop from the $785 million raised in August.
Notable Decline in Crypto VC Investments
Venture capital activity serves as a key indicator of major investors’ interest in the crypto market. September marked the lowest point in 2024, with only 97 publicly disclosed crypto VC rounds, down from 111 in August.
The total amount raised also fell sharply, dropping from $785 million in August to $607 million in September, making it the worst month of the year for both the number of rounds closed and the amount of investment.
The declining funding volume reflects a cautious approach amid economic and geopolitical uncertainties. Interestingly, the allocation of funds across sectors shifted as well.
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In August, decentralized finance (DeFi) captured nearly 25% of total investments, with artificial intelligence (AI) following at 15%. In September, infrastructure and DeFi dominated, securing more than half of the overall investment value.
Celestia Takes the Center Stage
The largest event in September was Celestia’s $100 million funding round led by Bain Capital, with additional contributions from Syncracy Capital, Robot Ventures, and Placeholder.
This round brings Celestia’s total fundraising to $155 million, following its recent launch as one of the first modular data availability layer protocols. The startup aims to address a critical challenge in blockchain networks: scalability and data availability.
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Decentralized perpetuals trading platform Infinex raised over $65 million using a new patronage fundraising model. Kain Warwick, Infinex’s founder, introduced the “Patronage” model, designed to offer equal investment opportunities through Patron NFTs, shifting away from the traditional venture capital approach.
Infinex held four rounds of its Patron Sale, attracting both retail participants and major crypto entities, including Wintermute and Solana Ventures.
Huma Finance raised $38 million, includeing $10 million in equity investment and $28 million in yield-bearing RWAs on the platform. Distributed Global led the equity investment, with contributions from Hashkey Capital, Folius Ventures, and Stellar Development. For the RWA portion, Stellar Development Foundation was the largest participant, committing $10 million.
The Open Network and AI-powered blockchain platform Balance.fun tied for 4th place in September by investment size. Crypto exchange Bitget and Foresight Ventures invested $30 million in TON, while Balance.fun raised an equal amount from investors including a16z, Galaxy, and others.
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