Web3 startups enjoy increased funding

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The Future. Q1 2024 saw the first uptick in Web3 venture backing since Q4 2021 when the thought of a decentralized internet first captured private markets, with new unicorns emerging left and right. As Web3 evolves and shows up more in our lives, it could become more tangible in the eyes of investors, possibly leading to renewed confidence (and even more funding) in the sector.

Who said crypto was stressful?
Web3 saw its funding increase in the first quarter of 2024, reports Crunchbase News.

  • Startups in the crypto and blockchain sectors raised around $1.9 billion in 346 deals in Q1, which is a 58% jump from Q4 2023, when startups in those sectors raised about $1.2 billion in 263 deals.
  • Last week, New York-based Monad Labs, a blockchain compatible with the Ethereum Virtual Machine, snagged a $225 million funding round led by Paradigm in the biggest Web3 funding round of 2024 so far.

This time it’s different… or is it?
The price of Bitcoin is up nearly 60% this year. That win, along with the Bitcoin halving event and approval for ETFs that hold Bitcoin from asset managers like BlackRock and Fidelity, could repair crypto’s reputation and attract new and more venture investment into Web3.

We’ll see what 2024 holds for Web3, and hopefully, not while holding on for dear life.

Kait Cunniff

Kait is a Chicago-raised, LA-based writer and NYU film grad. She created an anthology TV series for Refinery29 and worked as a development executive for John Wells Productions, Jon M. Chu, and Paramount Pictures. Her favorite color is orange.


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