The crypto winter hit fundraising in Q3, which fell to its lowest lowest level in three years, blockchain intelligence firm Messari found.
From a peak of nearly $17.5 billion across over 900 deals in Q1 2022, the returns diminished throughout the year as conditions in the crypto industry worsened coming to a head with the sudden collapse of exchange FTX in November.
Despite this, fundraising appeared to hold its own through Q1 and Q2 2023, with around $7.5 billion raised across about 200 deals in both quarters, in line with those of Q4 2022. Both counts however took a 36% hit in Q3.
Messari also highlighted that investors are concentrating on new investments in early-stage projects and infrastructure investments as opposed to user-facing applications.
