Crypto Research

Crypto startups raise $691 million in venture capital in September

Oct 9, 2024

Last month, venture capital funds invested over $659 million in crypto startups, a 3% increase compared to August, according to DefiLlama data.

The blockchain gaming sector grew for the second consecutive month, with $63 million flowing into related projects, marking a 32% monthly increase. Nearly half of this funding went to Balance Games, which received $30 million from investors like Animoca, a16z, and Aptos Labs to combine blockchain and AI to create better user experiences.

In the blockchain infrastructure sector, $457 million was invested in September, accounting for 71.5% of all funds allocated to the crypto space during this period. This is nearly the same amount as in August. The largest infrastructure project, Celestia (TIA), raised $100 million in a strategic funding round led by Bain Capital Crypto.

Additionally, Huma Finance secured $38 million to develop its blockchain-based payment network.

While infrastructure investments remained stable, funding for DeFi startups dropped to $58 million in September, a 55% decline compared to August. Drift led the largest DeFi funding round, raising $25 million in a Series B round led by Multicoin Capital.

Web3 adoption received a boost last month, with $59 million directed toward startups developing blockchain-based versions of traditional services. The decentralized music streaming platform Tune.fm, similar to Spotify, raised $50 million from the Global Emerging Markets Group.