VC Monthly Report：Financing Amount in Dec. was only 660M, the Lowest in Past Two Years
According to Messari, there were 50 crypto VC public investment projects in December, down 23% month over month (65 projects in November 2022) and down 68% year over year (154 projects in December 2021). The industry-level classification is as follows:
The share of funds raised across all sectors of the crypto market remained roughly the same in December, with infrastructure accounting for the largest share at about 22%. CeFi, DeFi and NFT/GameFi accounted for about 8%, 18% and 16%, respectively.
Total amount raised in December was $660 million, down 21.5% month over month ($840 million total in November 2022) and down 82.5% year over year ($3.76 billion total in December 2021). Both the number and amount of financing in December were the lowest in two years. Rounds (excluding CeFi) with a financing amount of more than $10 million are as follows:
Aztec Network is an L2 privacy solution based on ZK Rollup. The funding was led by a16z, with participation from A Capital and others. The funds will be used to develop the crypto architecture and expand the engineering team. According to Dune Analytics, Aztec V2 has deposited over 60,000 ETH, over 72,000 unique addresses, and over 125,000 total deposits. Third-party compliance tools at exchanges such as FTX have previously frozen accounts that transferred funds from privacy protocols such as Aztec.
Fleek’s goal is to build an interface and protocol layer that makes it possible for anyone to access the base layer of Web3 services and invoke functions such as storage, hosting, and billing. Fleek currently hosts around 50,000 apps on its platform, mostly focused on the Ethereum ecosystem. The financing was led by Polychain Capital, Coinbase Ventures, Digital Currency Group, Protocol Labs, Arweave, North Island Ventures, Distributed Global, The LAO and Argonautic Ventures and others participated.
Nillion is a Web3 startup that aims to build a decentralized network not based on blockchain and provide a new Internet infrastructure to protect storage and data computing, allowing businesses and competitors to collaborate without transferring critical information. The company’s early documents reveal that it will issue tokens in the future. The round was led by Distributed Global, with participation from AU21, Big Brain Holdings, Chapter One, GSR, HashKey, OP Crypto and SALT Fund, among others.
Blocknative is currently one of the largest block builders on Ethereum, with its relays and block builders having added over 17,000 blocks to the Ethereum blockchain since Ethereum transitioned to POS. The round was led by Blockchain Capital, IOSG Ventures and others.
Evertas is a Crypto insurer that has been in communication with the U.S. Securities and Exchange Commission (SEC) about how insurance can become a fast-evolving technology in compliance with regulation. The financing was led by Polychain Capital, Participating investors include Sino Global Capital, CMT Digital Ventures, Foundation Capital, Morgan Creek, Bloccelerate, network0, Matrixport and A HashKey.
Perennial, a DeFi derivatives protocol backed by Polychain, Variant, and Coinbase, is not a single protocol, but a collection of intertwined protocols in an ecosystem that combines the best of DeFi and CeFi. The round was led by Coinbase, Polychain, with participation from the co-founders of Opyn, Slingshot, Osmosis, and others.