TLDR:
- Crypto startups received $485 million in funding in February, marking a 5.3% increase from the previous month.
- A16z made the largest investment of $100 million in EigenLayer, while EtherFi and Oobit also secured significant investments.
Venture capital firms have shown a growing interest in cryptocurrency startups, with February witnessing a significant uptick in investments. According to data from DefiLlama, crypto startups received $485 million in funding last month, making it the highest investment volume in the last quarter. A substantial portion of the capital, amounting to $387 million, was allocated to infrastructure-related startups.
The most notable investment was made by a16z, which injected $100 million into EigenLayer during a private funding round. Other significant investments included $27 million in EtherFi and $25 million in Oobit. Decentralized finance (DeFi) projects also attracted over $48 million in investments, with Superform Labs and Omega receiving notable funding.
Web3-focused applications secured almost $18 million in investments, with Beoble and other platforms receiving funding. The gaming sector also saw a boost, with $33 million directed towards new game studios. Despite the robust activity in February, PitchBook data from October indicates a slowdown in crypto market investments, with a 63% decrease in funding levels compared to the same period in 2022.
Overall, the surge in funding for crypto startups in February reflects the growing interest and investment opportunities in the crypto sector, particularly in DeFi, web3 applications, and gaming.
