Venture capitalists increased funding for crypto and blockchain companies by 2.5% in Q2 2024. However, the total number of deals dropped by 12.5% compared to the beginning of the year. Investors are focusing on infrastructure projects.
According to the PitchBook report, crypto companies raised $2.7 billion in venture capital between April and June 2024, a 2.5% increase compared to Q1 2024. A total of 503 deals were completed, down 12.5% from the previous quarter.
In Q2 2024, VCs paid particular attention to infrastructure projects. The largest amount of funding was raised for
- L1 protocol Monad — $225 million;
- Decentralized social network Farcaster — $150 million;
- Blockchain gaming platform Zentry — $140 million;
- DeFi protocol BeraChain — $100 million;
- restaking platform Babylon — $70 million.
PitchBook analysts noted the trend of startups competing more for early-stage funding, while there’s less tension during later stages.
In 2024, investments in crypto companies remained stable for the second consecutive quarter, showing an increase, albeit small. For example, crypto companies raised $1.9 billion in Q4 2023 and $2.6 billion in Q1 2024.
But despite the increased numbers, funding for crypto startups in 2024 was down 64% from the record 2021–2022 picks, when annual investments totaled $25.3 billion and $29.4 billion, respectively. The study found that Bitcoin startups are the most popular among investors, with Europe and Asia being the most active regions for launching new cryptocurrency companies in 2024.
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