Crypto Fundraising. May 2023

In May, the crypto startup funding landscape experienced a gradual decline, as 84 funding rounds raised a total of $641 million. This represents a 33% decrease compared to the previous month’s funding activity. Notably, web3 services and DeFi emerged as the most popular categories, securing a combined funding of $152 million across 46 funding rounds.

Crypto fundraising attracted a lot of attention in May, with high-profile investors such as a16z, Animoca Brands and Blockchain Capital actively participating. Their involvement not only injected substantial capital into the crypto startups but also signaled their confidence in the industry’s potential for long-term growth and innovation. 

Sam Altman’s project Worldcoin, has closed $115 million Series C funding, with notable participation from a16z crypto, Bain Capital Crypto and Distributed Global.

Auradine, a promising infrastructure solution developer, raised $81 million in funding co-led by Celesta Capital and Mayfield, fueling its development and expansion plans.

River Financial, a digital asset management platform, secured $35 million in funding, enabling it to enhance its services and cater to the growing demand for crypto-related solutions.

Story Protocol, a decentralized content sharing platform, raised $29 million in funding, further empowering its mission to revolutionize digital storytelling.

May witnessed a series of notable funding rounds led by industry leaders, demonstrating their commitment to driving innovation and growth in the crypto space. Here are some of the funding rounds that took place during the month with participation from notable angel investors:

Azteco, a Bitcoin voucher system, raised $6 million in a seed funding round led by Jack Dorsey, CEO of the payments company Block, who stepped down as Twitter CEO in 2021.

PYOR, a digital assets data platform focused on accelerating institutional participation in Web3, raised $4 million in a seed funding round. Balaji Srinivasan, an angel investor and influential figure in the crypto industry, contributed to this round.

Transak, a developer integration toolkit facilitating crypto buying and selling within blockchain apps and websites, raised $20 million in a Series A funding round, with participation from Sandeep Nailwal, the co-founder of Polygon.

The funding activity in May serves as a testament to the continued growth and potential of the crypto industry in driving forward technological advancements and financial innovation.