Web3 startups raised $9.6 billion in Q2 2025 despite a drop in the number of deals, signaling a shift towards larger rounds in infrastructure-focused sectors like validator networks and compute. Private token sales surged while public sales plummeted, reflecting a move towards strategic, institutional-led fundraising. Median deal sizes rose, indicating a maturing market favoring fewer, larger rounds for foundational projects.

Series A funding saw a sharp rebound, with a median round of $17.6 million, the highest since early 2022. Seed rounds also bounced back, with a $6.6 million median, while pre-seed remained steady at $2.35 million. Infrastructure startups led in capital raised, with sectors like cryptocurrency infrastructure, Mining & Validation, and Compute Networks attracting interest from funds prioritizing long-term scalability and backbone technologies.

Consumer-facing sectors like marketplaces and entertainment saw moderate deal sizes and limited momentum, while investor focus shifted towards infra-for-consumer plays. Token fundraising showed a diverging trend, with private token sales performing strongly at $410 million across 15 deals, driven by strategic treasury deals and rollup ecosystems. Public token sales fell 83% as retail appetite decreased, consolidating capital around the rails of the next cycle.

Pure Crypto’s flagship fund surged nearly 1,000% since its 2018 inception, growing into a $60 million fund backed by a sharp strategy and family office capital. The fund, led by Jeremy Boynton and Zachary Lindquist, is now a $100 million crypto-focused fund of funds preparing to raise capital for their fourth fund. Boynton anticipates the end of outsized venture-style returns in crypto as regulation solidifies and major corporations explore digital currency integration.

Read more at Yahoo Finance: Web3 Startups Raise $9.6 Billion in Q2 Despite Deal Count Drop