The volume of venture capital investments into crypto projects in Q1 2024 increased by 38% compared to last year’s quarter and shows trends for further growth. 

Web3 Industry Raises $2.5B in Q1 2024

Compared to Q4 2023, the volume of investments in cryptocurrency companies increased by 38%, and the number of projects that attracted funding increased by 49%. Crypto Koryo analysts report this. The total amount of investments raised exceeded $2.4 billion, according to the RootData service. 

In particular: 

  • In January, $684.16 million was raised in 123 funding rounds; 
  • During February, investors poured $760.73 million in 146 funding rounds;
  • In March, investments totaled $1.16 billion in 180 funding rounds. 

The top 3 leading areas in terms of fundraising in Q1 were as follows: 

  1. Infrastructure projects — 408.3 million. 
  2. Decentralized finance — 333.9 million. 
  3. CeFi projects — 304.9 million. 

Crypto Koryo reports that in Q1, VCs focused on the Web3 sector dominated among funds investing in crypto projects. These include a16z crypto, OKX Ventures, Multicoin Capital, and others. Analysts note that banks and venture capital funds that weren’t focused on the crypto market were leading in this area in previous periods. In addition, there’s a steady growth trend in the volume of investments in the sector, which may precede a more massive inflow of capital into the Web3 industry. 

GameFi projects attracted almost 113 million in Q1, emphasizing the active development of the Web3 gaming segment. Among individual projects, the EigenLayer restaking protocol was one of the leaders in attracting investments.

Author: Evgeny Tarasov
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