TL; DR
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Messari just dropped the Q3 2023 State of Crypto Fundraising report.
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The third quarter marked new lows in both total funding amounts and number of deals, lows not seen since the fourth quarter of 2020.
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The majority of deals that took place in the third quarter were concentrated in early stage rounds (Pre-Seed, Seed and Series A deals) and in infrastructure and DeFi.
Full story
Messari just dropped the Q3 2023 State of Crypto Fundraising reportand it’s about as shocking as your Uncle Steve’s drunken tweets.
(Not pretty, to say the least).
The third quarter marked new lows in both total funding amounts and number of deals, lows not seen since the fourth quarter of 2020.
In short, we’re knee-deep in the bear market swamp, and it’s not exactly a pool party here (see gif).
However, there is one interesting thing to note:
The majority of deals that took place in the third quarter were concentrated in early stage rounds (Pre-Seed, Seed and Series A deals) and in infrastructure and DeFi.
What does that mean? Well, the pitch of “our integrated Web3 technology is going to…something, something, something…change the world!!!”?
It doesn’t fly anymore (thank goodness!)
Investors want to see real, obvious utility.
(Otherwise they won’t spend a cent).