Web3 startups collected $ 9.6 billion in venture capital funding during the second quarter of 2025, which makes it the second trimester recorded, even if the number of offers fell on multi-year stockings, according to a new abdominal surface report.
The research of the London-based venture capital company could present a maturity market in which investors put more money in fewer projects.
The results suggest that the collection of web funds is changing from media -focused activity to targeted investment and sustainability, investors promoting fundamental infrastructure and volume’s proven teams.
Only 306 transactions were disclosed during the quarter, the lowest since mid-201-2023, but the median size of the agreement has increased at each stage. The aberrant value has declared that this reflects a transition from a broad and speculative investment to strategic and high condemnation allowances.
Series A Funding, which had slowed heavily during the bear market, organized a return. The median series has increased to $ 17.6 million, with 27 transactions totaling $ 420 million, the largest since 2022. Seed funding has also taken care of, with a median size of $ 6.6 million.
The collection of tokens funds struggled a split table. Sales of private tokens have raised $ 410 million in only 15 offers, their highest performance since 2021, while sales of public tokens have dropped from $ 83% to $ 134 million, highlighting the decreasing appetite for offers focused on retail.
Sectors such as cryptocurrency infrastructure, mining and validation, and calculation networks have experienced the most important rounds, with medians varying between $ 70 million and $ 112 million. The sectors intended for consumers, such as the markets, dragged considerably.
“Capital is consolidated around projects that can provide rails for the next adoption phase,” wrote aberrant values, adding that infrastructure bets are considered to be “essential” for long -term growth of web3.
