As a researcher with extensive experience in the crypto market, I find the surge in fundraising during Q1 2024 to be an exciting development. The PitchBook report highlights a significant increase in investment numbers and deal volumes quarter-on-quarter, pointing towards a bullish outlook for the year.
As a crypto investor, I’m thrilled to share that the crypto market fundraising reached an impressive $2.4 billion during Q1 2024. This substantial increase can be attributed to the recent shift in market sentiments and new inflows of investments. According to the latest PitchBook report, there was a significant surge in investment numbers compared to the previous quarter in the cryptocurrency sector.
The report reveals that the sector experienced an influx of approximately $2.3 billion through 518 deals during the initial three months of the year. This represents a significant surge of 40.3% in investments compared to the preceding quarter. Notably, there was a noticeable uptick in on-chain activity towards the end of the previous quarter (Q4 2023).
As a researcher, I’ve observed a significant surge of 44.7% in deal volume or transaction numbers during the last quarter. Furthermore, market valuations have experienced an upward trend this year, primarily due to the escalating asset prices. According to PitchBook analysts, we can anticipate a consistent growth in investment figures throughout the year.
In the pre-seed/seed phase, we raised a total of $21.8 million; this was followed by $72.0 million in the early stage, marking a year-over-year growth of approximately 85.5% and 148.3%, respectively, for these stages. Lastly, during the late stage, we secured an additional $51.1 million.
EigenLayer Leads The Pack
According to the report, the infrastructure startup experienced the greatest investment of $100 million in its Series B round, which was spearheaded by EigenLayer. Meanwhile, Zama, a crypto firm specializing in Fully Homomorphic Encryption (FHE) technology, attracted $73 million in investments.
The most significant transaction during the past quarter involved Together AI, which secured a deal worth $106 million and saw its valuation rise to $1.1 billion. Various companies received greater valuations due to institutional investments pouring into the cryptocurrency market.
The report noted that the median funding amounts were: $2.7 million for the pre-seed/seed phase, $5.0 million for the early stage, and $5.8 million for the late stage. Compared to the previous year, these figures showed a rise of 24.9% for the pre-seed/seed stage, a rise of 25.0% for the early stage, and a decline of 9.7% for the late stage.
Crypto Markets Sees Upticks on Institutional Flows
The primary cause of the surge in investments was the robust performance of the crypto market during Q1, which drove prices to levels not seen in months. The SEC’s approval of spot Bitcoin ETFs served as a catalyst, attracting large-scale investors and fueling increased activity in the cryptocurrency market.
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development: The value of Bitcoin surpassed $72,000, piquing interest among investors and fueling new entries into the market. This bullish trend has also stimulated increased activity within Venture Capital funds.
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2024-05-18 19:18