October 2024 Crypto Funding Brief
Welcome to our Monthly Crypto Funding Brief. Each month, we bring you the latest activities in the fundraising landscape. This newsletter aims to keep you informed about key developments, significant fundraises, active investors, and upcoming token unlocks, helping you stay ahead in the dynamic world of investments.
In this edition:
Monthly Fundraising Highlights
In October 2024, 149 companies in crypto raised a total of approximately $1.7 billion, with the largest publicly disclosed raise being Praxis’ $525 million raise to build a tech-friendly city.
The month was marked by several key acquisitions: Stripe bought Bridge for $1.1 billion, River acquired Llama, and Komainu purchased Propine Holdings. Coindesk bought CCData, while Aptos acquired HashPalette.
A total of 104 projects received grants across various accelerator programs. Of note, Kraken received $42.5 million from the Optimism Foundation to bring the exchange’s new Layer 2 to the Superchain ecosystem. These are not reflected in the overall numbers.
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Top 5 Largest Venture Funding Rounds
Top 5 Most Active Investors
Distribution of Fundraises by Company Category
In October, Gaming & Metaverse topped the chart with 20 companies securing funding. Meanwhile, Decentralized Social led by total amount raised, with approximately $548 million in funding across its category, largely influenced by Praxis’ raise.
Distribution of Fundraises by Stage
Seed rounds continued to dominate the fundraising landscape in October, mirroring the trend from September, with 41 companies securing investments. While seed deals led in volume, the highest total funding came from undisclosed rounds, largely driven by Praxis' $525 million raise and Blockstream's $210 million round.
Token Unlocks for October/November
This chart highlights the key token unlocks for October and November 2024. Notably, Celestia leads with a significant unlock event on October 31st, releasing approximately $1.07 billion worth of tokens, representing about 80% of its locked supply. The distribution includes $398 million from Series A and B rounds, $356 million from Core Contributors, and $322 million from Seed rounds. The size and color of the circles indicate the magnitude of these unlock events in numeric USD value.
This newsletter is for informational purposes only and is not investment or trading advice. You are fully responsible for any decisions you make; The TIE Inc. is not liable for any loss or damage caused by reliance on information provided. For investment advice, please consult a registered investment advisor.
October's crypto funding surge highlights the sector's resilience and innovation. Notable acquisitions like Stripe's $1.1B purchase of Bridge signal growing institutional confidence. How do you foresee these developments shaping the crypto landscape? Let's connect and discuss! The Tie